GCI Announces $450 million of Proposed New Senior Notes due 2025
March 24 2015 - 9:30AM
Anchorage, Alaska, March 24, 2015 - General
Communication, Inc. (Nasdaq: GNCMA) announced today its intention
to offer $450 million of new senior notes (the "2025 Notes"), to be
issued by its wholly-owned subsidiary, GCI, Inc. ("GCI"). The
2025 Notes will mature in 2025 and will be unsecured obligations of
GCI. The net proceeds of the offering will be used to fund
the tender offer for, or redemption of, GCI's $425 million
aggregate principal amount of outstanding senior notes due 2019
(the "2019 Notes") and to pay fees and expenses related to the
issuance of the 2025 Notes and purchase or redemption of the 2019
Notes.
GCI will make the offering
pursuant to an exemption under the Securities Act of 1933, as
amended (the "Securities Act"). The initial purchasers will
offer the 2025 Notes only to persons reasonably believed to be
Qualified Institutional Buyers as permitted under Rule 144A of the
Securities Act, or outside the United States to certain persons in
reliance on Regulation S under the Securities Act. The 2025
Notes will not be registered under the Securities Act or applicable
state securities laws and may not be offered or sold in the United
States absent registration under such laws or applicable exemptions
from such registration requirements.
In connection with the offering of
the 2025 Notes, GCI will agree, subject to certain conditions, to
file a registration statement relating to a registered offer to
exchange the 2025 Notes for new registered notes having
substantially identical terms as the 2025 Notes.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the 2025 Notes, nor shall there be
any sales of 2025 Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
Forward-Looking Statements
This press release includes
certain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including without
limitation, statements about the completion of the offering and the
use of proceeds from the offering. These forward-looking
statements involve many risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements, including, without limitation, general market
conditions. These forward-looking statements speak only as of
the date of this press release, and General Communication, Inc. and
GCI expressly disclaim any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statement contained
herein to reflect any change in their expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based. Please refer to the
publicly filed documents of General Communication, Inc. and GCI,
including their most recent Forms 10-Q and 10-K, for additional
information about General Communication, Inc. and GCI and about the
risks and uncertainties related to their business which may affect
the statements made in this press release.
Contact
Tom Chesterman
(907) 868-1585
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: General Communication Inc via Globenewswire
HUG#1905713
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