WARBURG PINCUS ANNOUNCES PURCHASE OF JCI DEBENTURES
WARBURG PINCUS ANNOUNCES PURCHASE OF JCI DEBENTURES NEW YORK, Oct. 6 /PRNewswire/ -- E.M. Warburg Pincus and Co., Inc.
announced that two of its venture banking fund affiliates have purchased from Altus Finance and an affiliate of Apollo Investment Fund, L.P. all of their $43 million face amount of high coupon subordinated debentures of Journal Company, Inc. ("JCI") for approximately $40.4 million. Warburg, which is the controlling stockholder of JCI, also announced that it intends to commence, as soon as practicable, tender offers for any and all of the remaining senior secured and subordinated debt of JCI which it does not currently own.
Warburg has purchased from Altus and Apollo $26.3 million aggregate principal amount of JCI's 14-5/8 percent senior subordinated debentures due 2000 for 98 percent of their face value, or $25.8 million plus accrued interest, and $16.7 million aggregate principal amount of JCI's 14.825 percent subordinated debentures due 2000 for 88 percent of their face value, or $14.7 million plus accrued interest. These bonds represent approximately 27 percent of the senior secured and subordinated bonds of JCI which Warburg did not own. After the purchase, Warburg owns $131.2 million principal amount of the $246.7 million senior secured and subordinated bonds JCI currently has outstanding. As soon as is reasonably practicable, Warburg intends to commence tender offers for any and all of the $115.5 million principal amount senior secured and subordinated bonds of JCI which it does not own at the following prices per $1,000 principal amount plus accrued interest: Face Amount not owned Price by Warburg (millions) per Bond 14-5/8 Percent Senior Subordinated Debentures due 2000 $32.2 $980.00 14.825 Percent Subordinated Debentures due 2000 22.3 880.00 11-7/8 Percent Senior Subordinated Debentures due 1999 20.1 865.51 12-1/8 Percent Subordinated Debentures due 2000 18.5 765.04 7-1/2 Percent Senior Secured Notes due 1996 22.4 820.98 The prices to be offered for the 14-5/8 percent debentures and the 14.825 percent debentures are the same as those paid to Altus and Apollo. The prices to be offered for the 11-7/8 percent debentures and 12-1/8 percent debentures are the same as the prices paid for the 14-5/8 percent debentures and the 14.825 percent debentures, respectively, calculated on an equivalent yield to maturity basis. The price to be offered for the 7-1/2 percent notes represents the same yield to maturity as the yield to maturity which Warburg previously paid to acquire the 7-1/2 percent notes it already owns. -0- 10/6/92 /CONTACT: Gary D. Nusbaum of Kekst And Company, 212-878-0600, for E.M. Warburg Pincus and Co./ CO: E.M. Warburg Pincus and Co. ST: New York IN: SU:
LD -- NY086 -- 7265 10/06/92 17:26 EDT
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|Date:||Oct 6, 1992|
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