Young to redeem 9% notes, 8¾% notes with new-deal proceeds

New York, Dec. 10 - Young Broadcasting Inc. (Caa1/B-) said it plans to redeem all of its outstanding 9% senior notes due 2006 with an offering of $90 million 8½% senior notes due 2008 to be sold as an add-on to its $156.9 million of existing bonds.

Young, a New York-based television station group owner, also said that it would offer $140 million of new senior subordinated notes due 2014 in a private placement, and will use the net proceeds to redeem all of its outstanding 8¾% senior subordinated notes due 2007.

Young issued $125 million of the 9% notes in January 1996, of which $86.1 million is still outstanding, and $200 million of the 8¾% notes in June 1997, of which $137.7 million is still outstanding, according to Moody's Investors Service. The company did not offer a possible time frame for the repayment of the existing notes.

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