Allbritton Communications Company
808 17th Street, N.W., Suite 300
Washington, D.C. 20006
Phone: (202) 789-2130
Fax: (202) 530-0318
FOR IMMEDIATE RELEASE
Date: December 6, 2002
Contact: Stephen P. Gibson
(202) 789-2130
ALLBRITTON COMMUNICATIONS COMPANY COMMENCES TENDER OFFER
FOR ITS 9 3/4% SENIOR SUBORDINATED DEBENTURES DUE 2007
Washington, DC, Dec. 6, 2002 -- Allbritton Communications Company today
announced that it is commencing a tender offer for all of its outstanding 9 3/4%
Senior Subordinated Debentures due 2007. In connection with the tender offer,
Allbritton is soliciting consents to proposed amendments to the indenture
governing the 9 3/4% Senior Subordinated Debentures due 2007. The proposed
amendments would eliminate substantially all of the restrictive covenants and
certain events of default from the indenture governing the debentures. Holders
who tender their debentures will be required to consent to the proposed
amendments, and holders who consent to the proposed amendments will be required
to tender their debentures.
Tendering holders who validly tender their debentures and deliver consents by
the consent payment deadline will receive total consideration of $1,039.00 per
$1,000 principal amount of such debentures. The total consideration includes a
consent payment of $5.00 per $1,000 principal amount of 9 3/4% Senior
Subordinated Debentures due 2007. Holders who validly tender their notes after
the consent payment deadline will only receive tender consideration of $1,034.00
per $1,000 principal amount of debentures and will not receive the consent
payment. Unless extended by Allbritton, the consent payment deadline is 5:00
p.m., Friday, December 20, 2002.
The tender offer will expire at 12:01 a.m., New York City time, on Tuesday,
January 7, 2003, unless extended or earlier terminated by Allbritton.
Allbritton intends to fund the tender offer, and all related costs and expenses,
with the net proceeds of an offering of new 7 3/4% senior subordinated notes
which is scheduled to close on December 20, 2002, additional borrowings under
the Company's credit facility and/or cash on-hand. The tender offer is
conditioned upon Allbritton completing arrangements for financing the purchase
of the debentures and other general conditions.
Copies of the tender offer and consent solicitation documents can be obtained by
contacting MacKenzie Partners, Inc., the Information Agent for the tender offer
and the consent solicitation, at (212) 929-5500 or (800) 322-2885.
Deutsche Bank Securities Inc. is acting as Dealer Manager for the tender offer
and consent solicitation. Questions concerning the tender offer and the consent
solicitation may be directed to Deutsche Bank Securities Inc. at (646) 324-2180.
This press release is not an offer to purchase or a solicitation of acceptance
of the offer to purchase, which may be made only pursuant to the terms of the
Offer to Purchase and Consent Solicitation Statement and related Consent and
Letter of Transmittal. The consent solicitation is being made solely by the
Offer to Purchase and Consent Solicitation Statement dated December 6, 2002, and
related documents (as they may be amended from time to time), and those
documents should be consulted for additional information regarding delivery
procedures and the conditions for the tender offer and consents solicitation.
This press release shall not constitute a notice of redemption of the
debentures.
Allbritton and its subsidiaries own and operate ABC network-affiliated
television stations serving seven diverse geographic markets:
WJLA - Washington, D.C.
WBMA/WCFT/WJSU - Birmingham (Anniston and Tuscaloosa), Alabama
WHTM - Harrisburg-Lancaster-York-Lebanon, Pennsylvania
KATV - Little Rock, Arkansas
KTUL - Tulsa, Oklahoma
WSET - Roanoke-Lynchburg, Virginia
WCIV - Charleston, South Carolina
In addition, Allbritton owns and operates a 24-hour cable news channel in
Washington, D.C., NewsChannel 8.
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