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ProNet continues growth strategy -- announces two new acquisitions and signs $125 million credit facility.

PLANO, Texas--(BUSINESS WIRE)--Feb. 10, 1995--ProNet Inc. (NASDAQ:PNET) Friday announced, as part of its ongoing acquisition strategy, the signing of letters of intent to purchase the paging assets of International Paging Corp. ("International") and American 900 Paging Inc. ("Americom").

Upon completion of the transactions, these operations would add approximately 120,000 units to ProNet's subscriber base. ProNet has acquired approximately 180,000 subscribers since March 1994 and has previously announced pending acquisitions representing another 231,000 subscribers expected to close in the second quarter of 1995. The completion of all pending acquisitions would increase ProNet's subscriber base to more than 730,000 subscribers.

The combined purchase price of the International and Americom acquisitions is approximately $30 million. Both transactions are subject to various conditions and approvals, with closings anticipated in the third quarter of 1995.

ProNet also announced the signing of a $125 million two-year revolving and five-and-one-half-year term loan facility with a bank group led by The First National Bank of Chicago. The Bank of California, N.A., The Bank of New York, Bank One, Texas, First Interstate Bank of Texas, N.A. and Shawmut Bank Connecticut, N.A. are also participating.

The new credit facility will be used to refinance the company's existing $52 million line of credit and for future acquisitions and general corporate purposes.

Jackie Kimzey, ProNet's chairman and chief executive officer, stated, "The acquisition of Americom's paging operation, together with our existing networks and the pending purchase of other Texas-based paging operations, provides ProNet the opportunity to serve more than 265,000 subscribers throughout Texas.

"The International acquisition, combined with ProNet's existing California operations, provides the foundation for ProNet's Western Regional SuperCenter. With the new credit facility, ProNet intends to continue its aggressive acquisition program by purchasing select paging businesses located in the company's target market areas."

ProNet, based in the Dallas suburb of Plano, is a leading provider of wireless communications services through its paging and security operations.

CONTACT: ProNet Inc., Plano

Jan Gaulding, 214/964-9500
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Publication:Business Wire
Date:Feb 10, 1995
Next Article:Quality Systems Inc. reports fiscal 1995 third quarter and nine-month operating results.

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