JOURNAL COMPANY DEBT EXCHANGE OFFERS EXPIRE
JOURNAL COMPANY DEBT EXCHANGE OFFERS EXPIRE TRENTON, N.J., Nov. 22 /PRNewswire/ -- Journal Company, Inc.
("JCI"), today announced that its offers to exchange senior unsecured notes due 1997 for any and all of its subordinated debentures have expired.
JCI announced that as of midnight on Thursday, Nov. 21, 1991, the expiration date of the offers, approximately $312,000 principal amount of its 12-1/8 percent subordinated debentures due 2000 and approximately $15,000 principal amount of its 11-7/8 percent senior subordinated debentures due 1999 had been tendered and exchanged into an aggregate principal amount of 9 percent senior unsecured notes equal to the principal amount of such tendered subordinated debentures plus accrued interest thereon and approximately $467,000 principal amount of its 14-5/8 percent senior subordinated debentures due 2000 and none of its 14.825 percent subordinated fixed rate debentures due 2000 had been tendered and exchanged into an aggregate principal amount of 11 percent senior unsecured notes equal to the principal amount of such tendered subordinated debentures plus accrued interest thereon. As disclosed in the offers and in JCI's quarterly financial statements, E.M. Warburg, Pincus & Co., Inc., has reserved the right to seek to purchase subordinated debentures of JCI through open market or privately negotiated purchases. From time to time, Warburg will explore whether any such purchases are feasible, but there is no assurance that any purchases will be made. Goldman, Sachs & Co. were the dealer managers for the offers. -0- 11/22/91 /CONTACT: Jean Clifton of JCI, 609-396-2200/ CO: Journal Company, Inc. ST: New Jersey IN: PUB SU: TS-GK -- NY010 -- 6241 11/22/91 08:50 EST
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|Date:||Nov 22, 1991|
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