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SAVOY PICTURES COMPLETES TWO PUBLIC OFFERINGS AND INCREASES TOTAL CAPITAL RAISED SINCE FORMATION TO APPROXIMATELY $1/2 BILLION

 NEW YORK, Nov. 3 /PRNewswire/ -- Savoy Pictures Entertainment, Inc. (NASDAQ: SPEI) announced today that it has priced its offerings to the public of 3,000,000 shares of common stock at $18 per share and $25 million principal amount of its 7% convertible subordinated debentures at 115 percent of par (aggregate debenture proceeds of $28,750,000). The total funds raised by the Company in the two offerings, before expenses, disbursements and commission, aggregates $82,750,000. After giving effect to these two offerings, and taking into account the Company's receivables facility of $85 million, the total capital raised by the Company to date is approximately $500 million. The number of shares in the common stock offering has been increased from the original filing on October 12, 1993 of 1,750,000 shares (plus an underwriters' 15 percent overallotment option). The underwriters, in the increased offering, have a 15 percent overallotment option of 450,000 shares.
 The offerings are being managed by the Company's investment bankers, Allen & Company Incorporated.
 The prospectus relating to each of these public offerings may be obtained from Allen & Company Incorporated, 711 Fifth Avenue, New York, New York 10022. This communication shall 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 or solicitation for sale would be unlawful prior to registration or qualification under the securities laws of any such State.
 -0- 11/3/93
 /CONTACT: Ms. Terri Napolitani of Savoy Pictures Entertainment, 212-247-5773/
 (SPEI)


CO: Savoy Pictures Entertainment, Inc. ST: New York IN: ENT SU: OFR

LG -- NY049 -- 0098 11/03/93 11:18 EST
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Publication:PR Newswire
Date:Nov 3, 1993
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