New Issue: Allbritton Communications $180 million add-on prices at 98.305 to yield 8%

By Paul A. Harris

St. Louis, Jan. 28 - Allbritton Communications Co. priced a $180 million add-on to its 7¾% senior subordinated notes due Dec. 15, 2012 (B3/B-) at 98.305 on Tuesday to yield 8%, according to a syndicate source.

Price talk was 7 7/8%-8%.

Deutsche Bank Securities Inc. was the bookrunner. Fleet Securities was co-manager.

Proceeds from the Rule 144A add-on will be used to redeem the company's 8 7/8% notes due 2008.

The issuer is a Washington, D.C.-based television company.

Issuer:	Allbritton Communications Co.
Amount:	$180 million
Proceeds:	$176,949,000
Securities description:	Add-on to 7¾% senior subordinated notes due Dec. 15, 2012
Bookrunner:	Deutsche Bank Securities
Co-manager:	Fleet Securities
Maturity:	Dec. 15, 2012
Coupon:	7¾%
Price:	98.305
Yield:	8%
Spread:	400 basis points
Call features:	Callable on Dec. 15, 2007 at 103.875, then at 102.583, 101.292, declining to par on Dec. 15, 2010 and thereafter
Equity clawback:	Until Dec. 15, 2005 for 35% at 107.75
Settlement date:	Feb. 6, 2003 (T+7) flat
Ratings:	Moody's: B3
	Standard & Poor's: B-
Rule 144A Cusip:	016745AH4
Price talk:	7 7/8%-8%

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