Granite Broadcasting to repay all outstanding bank debt with bond sale proceeds

By Sara Rosenberg

New York, Nov. 24 - Granite Broadcasting Corp. plans to repay all of the outstanding borrowings under its credit facility that matures April 2004 with a portion of the proceeds from a $300 million senior secured notes offering, according to a company news release.

Remaining proceeds from the bond deal will be used to redeem at par all of the company's 10 3/8% notes due 2005 and 9 3/8% notes due 2005, and for general corporate purposes.

Granite Broadcasting is a New York broadcasting company.

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