Granite preferred tender raised to $30.405 million

New York, June 20 - Granite Broadcasting Corp. said it increased its modified dutch auction tender offer for its 12¾% cumulative exchangeable preferred stock to $30.405 million after it exercised its right under securities laws to raise the size by 2%.

Granite previously said it would buy $29.25 million of the preferreds.

The purchase price remains at $650 per share.

The New York television company will now buy 46,778 shares, up from 45,000 previously and covering all preferreds tendered at or below the $650 purchase price. Previously the company had said tenders would be pro rated.

Following the transaction, Granite will have 200,376 shares of the preferreds outstanding.

Jefferies & Co., Inc. was dealer manager for the tender and Mellon Investor Services LLC was information agent and depositary.

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