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PAGENET FILES REGISTRATION STATEMENTS TO OFFER NOTES AND COMMON STOCK

 PAGENET FILES REGISTRATION STATEMENTS TO OFFER NOTES AND COMMON STOCK
 DALLAS, March 30 /PRNewswire/ -- Paging Network, Inc. (NASDAQ: PAGE) announced today that it has filed two registration statements with the Securities and Exchange Commission to offer $200,000,000 aggregate principal amount of senior subordinated notes due 2002 and to offer 6,000,000 shares of the company's common stock to be sold by certain selling stockholders.
 The net proceeds from the sale of the notes will be used to repay the debt under its revolving credit agreement and for general corporate purposes. In addition, the company will apply a portion of the proceeds from the sale of the notes to enter into one or more agreements that will have the economic effect of terminating certain interest rate swap agreements.
 The shares of common stock are being offered by The Golder Thoma Fund, First Capital Corporation of Chicago, certain partners of Madison Dearborn Partners and three senior officers of the company. The company will not receive any proceeds from the common stock offering.
 Neither the sale of the common stock nor the sale of the notes is contingent on the other. The offerings are expected in mid-May.
 The managing underwriters for the common stock offering will be Prudential Securities Incorporated; Donaldson, Lufkin & Jenrette Securities Corporation; and Goldman, Sachs & Co. Of the 6,000,000 shares of Common Stock being offered, 4,800,000 are being offered for sale to purchasers in the United States and 1,200,000 are being offered outside the United States.
 The managing underwriters of the notesl? be Goldman, Sachs; Donaldson, Lufkin & Jenrette; and Prudential Securities.
 Registration statements relating to these securities have been filed with the Securities and Exchange Commission but have not yet become effective. The securities described therein may not be sold nor may offers to buy be accepted prior to the time each such registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state. Prospectuses regarding the shares of common stock and the notes will be available in mid-April from any of the managing underwriters in New York, N.Y.
 Including the offices announced to open in 1992, the company offers local, regional and nationwide paging service in 22 states and the District of Columbia.
 -0- 3/30/92
 /CONTACT: Jenny Haynes of Paging Network, 214-985-6986/
 (PAGE) CO: Paging Network Inc. ST: Texas IN: TLS SU: OFR


SH -- NY021 -- 2745 03/30/92 09:34 EST
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Publication:PR Newswire
Date:Mar 30, 1992
Words:451
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