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February 10, 2004
John Lowber, (907) 868-5628; jlowber@gci.com
Bruce Broquet, (907) 868-6660; bbroquet@gci.com
FOR IMMEDIATE RELEASE
GENERAL COMMUNICATION, INC. PLACES $230 MILLION IN SENIOR NOTES
ANCHORAGE, AK -- General Communication, Inc.
(NASDAQ: GNCMA) announced today that its wholly owned subsidiary
GCI, Inc. has agreed to sell $230 million in aggregate principal
amount of senior debt securities due in 2014. GCI, Inc. will pay
interest of 7.25 percent on the securities and the securities will
be sold at a discounted price of $982.64 per $1,000 of principal
amount to yield 7.5 percent. The net proceeds of the offering will
be used to repay GCI Inc.'s existing $180 million 9.75 percent
senior notes and to repay senior bank debt.
The sale of the notes is expected to close on February 17,
2004.
The debt securities have not been registered under the
Securities Act of 1933, as amended, or the securities laws of any
other jurisdiction and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
GCI is the largest Alaska-based and operated integrated
telecommunications provider. A pioneer in bundled services, GCI
provides local, wireless, and long distance telephone, cable
television, Internet and data communication services. More
information about the company can be found at www.gci.com.
The foregoing contains forward-looking statements regarding the
company's expected results that are based on management's
expectations as well as on a number of assumptions concerning
future events. Actual results might differ materially from those
projected in the forward looking statements due to uncertainties
and other factors, many of which are outside GCI's control.
Additional information concerning factors that could cause actual
results to differ materially from those in the forward looking
statements is contained in GCI's cautionary statement sections of
Form 10-K and 10-Q filed with the Securities and Exchange
Commission.
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