General Communication to repay $10 million bank debt with note sale proceeds

By Caroline Salls

Pittsburgh, Nov. 18 - General Communication Inc. said wholly owned subsidiary GCI Inc. will repay senior bank debt with about $10 million of the proceeds from its sale of $70 million of senior notes due 2014.

An additional $10 million of proceeds will be used to repurchase or redeem all outstanding shares of GCI series C preferred stock and the remainder will be used for general corporate purposes, including up to $34 million which may be used to acquire other GCI securities.

GCI is an Anchorage, Alaska-based integrated telecommunications provider.

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