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SAVOY PICTURES ENTERTAINMENT CLOSES OFFERING OF $80.325 MILLION CONVERTIBLE SUBORDINATED DEBENTURES

 NEW YORK, June 25 /PRNewswire/ -- Savoy Pictures Entertainment, Inc. (NASDAQ: SPEI) reported today that it has closed its previously announced offering of 7 percent convertible subordinated debentures due July 1, 2003. A total of $80.325 million of debentures were issued in the offering, including $5.325 million pursuant to the underwriters' over-allotment option.
 Net proceeds of the offering will be used for general corporate purposes. Allen & Company acted as manager of the offering.
 Savoy Pictures Entertainment was formed in February 1992 to finance, market and distribute major motion pictures in the United States and Canada. The company expects to release its first motion picture in late 1993.
 -0- 6/25/93
 /CONTACT: Terri Napolitani of Savoy Pictures Entertainment, Inc., 212-247-5810/
 (SPEI)


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

TS -- NY024 -- 5703 06/25/93 11:56 EDT
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Publication:PR Newswire
Date:Jun 25, 1993
Words:143
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