Emmis Communications repays bank borrowings via asset sale proceeds

By Ashley Montgomery

Kansas City, Kan., Oct. 11 - Emmis Communications Corp. repaid bank debt with proceeds from two sales, according to a filing with the Securities and Exchange Commission.

The company said it closed the $85.5 million sale of KXOS-FM on Aug. 23 and used $79.6 million of the proceeds to repay credit facility debt.

The company said it also closed the $8.7 million sale of Country Sampler and related magazines on Oct. 1 and used $8.5 million of the proceeds to repay term loans.

Indianapolis-based Emmis operates radio stations and publishes magazines.

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