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WARBURG, PINCUS AFFILIATES PURCHASE JOURNAL COMPANY NOTES

 WARBURG, PINCUS AFFILIATES PURCHASE JOURNAL COMPANY NOTES
 NEW YORK, March 18 /PRNewswire/ -- E.M. Warburg, Pincus & Co., Inc.,


whose affiliates own over 90 percent of the common equity of Journal Company, Inc. ("JCI"), announced today that those affiliates have purchased $62.8 million principal amount of JCI's 7-1/2 percent senior secured notes due 1996 from Water Street Corporate Recovery Fund I, L.P. ("Water Street"), an affiliate of Goldman, Sachs & Co., at a cash price of $798.75 per $1,000 principal amount of 7-1/2 percent notes purchased.
 There are $38.2 million principal amount of 7-1/2 percent notes outstanding other than those owned by affiliates of Warburg, Pincus. Warburg, Pincus stated that it is willing under present circumstances to purchase the remaining 7-1/2 percent notes at the cash price paid to Water Street should holders of 7-1/2 percent notes wish to sell their securities at this time.
 -0- 3/18/92
 /CONTACT: Gary D. Nusbaum of Warburg, Pincus, 212-878-9329/ CO: Journal Company, Inc.; E.M. Warburg, Pincus & Co., Inc.;
 Goldman, Sachs & Co. ST: New York IN: PUB SU: TNM


GK -- NY069 -- 9336 03/18/92 15:11 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 18, 1992
Words:194
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