Printer Friendly

PAGENET COMPLETES NEW CREDIT AGREEMENT

 DALLAS, April 16 /PRNewswire/ -- Paging Network, Inc. (NASDAQ: PAGE) announced today that it had entered into a new reducing revolving line of credit to allow borrowings of up to $450 million, replacing the previous line of credit which allowed for borrowings of up to $200 million. Proceeds from the new credit agreement will be used for general corporate purposes.
 "The new reducing revolving line of credit demonstrates the continued confidence of the banking community in PageNet's growth strategy," said Terry L. Scott, president of the company. "With the new agreement PageNet has the financial flexibility to complete its aggressive multiyear geographic expansion program and continue significant subscriber growth." The company opened 13 new sales and service operations in 1992 and has announced five new operations for 1993. When the expansion is complete in the mid-1990s, PageNet's digital network will reach approximately 70 percent of the U.S. population. The number of subscribers has increased at a 51.1 percent compound annual rate since 1988.
 The maximum borrowings begin reducing at June 6, 1996 and reduce quarterly until March 3, 2000 when the outstanding indebtedness must be fully repaid.
 Nineteen banks are participating in the lending group. The managing agents are The First National Bank of Boston, NationsBank and The Toronto Dominion Bank.
 PageNet is the largest and fastest growing major provider of paging services in the country, offering local, regional and nationwide paging service. The company provides service in 28 states and the District of Columbia.
 -0- 4/16/93
 /CONTACT: Jenny Haynes of PageNet, 214-985-6749/
 (PAGE)


CO: Paging Network, Inc. ST: Texas IN: SU:

TS -- NY058 -- 6867 04/16/93 15:15 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:Apr 16, 1993
Words:274
Previous Article:PRODIGY INTRODUCES NEW PRICING PLANS; ELIMINATES SURCHARGE FOR HIGH SPEED SERVICE AND COMBINES FLAT RATE WITH SOME TIMED CHARGES
Next Article:HOUSTON LIGHTING & POWER OFFERS TO PURCHASE BONDS
Topics:


Related Articles
PAGENET TO HOLD VIDEOCONFERENCE
PAGENET ANNOUNCES NEW NATIONWIDE NETWORK, NATIONWIDE PAGING SERVICE
PAGING NETWORK REPORTS STRONG 1993 PERFORMANCE
AMERITECH TO RESELL PAGENET'S NATIONWIDE PAGING SERVICE
PAGENET FINALIZES PURCHASE OF COMTECH PAGING
PAGENET TO PURCHASE INTERNATIONAL PAGING
PAGENET COMPLETES NEW CREDIT AGREEMENT
PAGENET FINALIZES PURCHASE OF INTERNATIONAL PAGING CORP.
Pagenet finds its voice.
ACC to Sell Paging Services in Canada in Partnership With PageNet

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters