GCI Completes Issuance of $450 million of New Senior Notes due 2025
April 01 2015 - 10:01AM
Anchorage, Alaska, April 1, 2015 - General
Communication, Inc. (Nasdaq: GNCMA) announced today the completion
of the previously announced offering of $450 million in aggregate
principal amount of new 6.875% senior notes due 2025 at an issue
price of 99.105% (the "2025 Notes") issued by its wholly-owned
subsidiary, GCI, Inc. 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.
The 2025 Notes were offered only to persons
reasonably believed to be Qualified Institutional Buyers in
reliance on Rule 144A under the Securities Act of 1933, as amended
(the "Securities Act"), and to persons outside the United States in
accordance with Regulation S under the Securities Act. The
2025 Notes have not been registered under the Securities Act 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.
In connection with the offering of the 2025 Notes,
GCI has agreed, 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, Inc. 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, Inc., including their most
recent Forms 10-Q and 10-K, for additional information about
General Communication, Inc. and GCI, Inc. 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#1908138
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