Printer Friendly

K-III COMMUNICATIONS CORPORATION RECEIVES $75 MILLION IN ADDITIONAL EQUITY FROM KKR TO BOLSTER ACQUISITION CAPACITY

 NEW YORK, Sept. 23 /PRNewswire/ -- K-III Communications Corporation (NYSE: KCC) announced today that Kohlberg Kravis Roberts & Co., K-III's largest shareholder, will purchase $75 million of newly issued common stock in the company. This represents a 17 percent increase in K-III's paid-in common stock. The additional capital will be used to assist in the completion of several pending acquisitions, as well as expand K-III's acquisition activities near term. The new investment will be made prior to year end.
 "K-III has made more than 20 acquisitions valued at more than $1.4 billion in the last four years," said William F. Reilly, chairman and CEO. "We continue to look at acquisition candidates that fall into our core areas, and this additional capital will increase our ability to pursue acquisition program, with both large and small transactions. "At the same time," Mr. Reilly said, "it reflects KKR's commitment to K-III and the company's strategy of growing through conservatively financed transactions."
 K-III Communications is a diversified publishing, information and direct response company. Its properties include such well known publications as Seventeen and New York magazines, Weekly Reader, Daily Racing Form and Funk & Wagnalls Encyclopedia. K-III's preferred stock is traded on the New York Stock Exchange under the symbol "KCC".
 -0- 9/23/93
 /CONTACT: Gregory William Miller of Robinson Lake/Sawyer Miller Group, 212-484-7404/
 (KCC)


CO: K-III Communications Corporation ST: New York IN: PUB SU:

SM-WB -- NY092 -- 5218 09/23/93 18:24 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 23, 1993
Words:240
Previous Article:PARTNERS OIL COMPANY MAKES ANNOUNCEMENT
Next Article:OIL-DRI REPORTS RECORD SALES AND EARNINGS FOR YEAR END
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters