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Indianapolis-Based Media Company to Sell 4 Million New Shares to Cut Debt.
Knight Ridder/Tribune Business News, March, 2002
By Dana Knight, The Indianapolis Star Knight Ridder/Tribune Business News
Mar. 28--In an attempt to erase lingering debt, Emmis Communications Corp. announced Wednesday a public offering of 4 million new shares of stock.
The Class A common stock, which will be offered at $26.80 per share, is expected to raise $104.5 million.
Proceeds will go toward paying off more than $1 billion in debt the Indianapolis-based media company reported in November.
All new shares are expected to be sold by Tuesday.
Deutsche Banc Alex Brown and Credit Suisse First Boston are underwriting the offering, which also provides an option to sell 600,000 more shares if demand is greater than supply. Emmis currently has 42.2 million shares of common...
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