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EXHIBIT 99.1
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CHANCELLOR BROADCASTING COMPANY
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12655 N. CENTRAL EXPRESSWAY, SUITE 105 DALLAS, TEXAS 79243-6354
(214) 239-6220 FAX (214) 239-0220
FOR IMMEDIATE RELEASE
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CHANCELLOR BROADCASTING COMPANY ANNOUNCES
DEBT PLACEMENT BY SUBSIDIARY
DALLAS, TX, June 18, 1997 -- Chancellor Broadcasting Company (Nasdaq:
CBCA) announced today that its subsidiary, Chancellor Radio Broadcasting
Company, has agreed to sell $200,000,000 of 8-3/4% Senior Subordinated Notes due
2007 in a private placement transaction. The Notes will be sold at a discount
and will have a yield to maturity of 8.92% per annum. Chancellor said that the
net proceeds of the offering will be used to repay term debt outstanding under
Chancellor Radio Broadcasting's bank credit facility. The offering is expected
to close on June 24, 1997.
The Notes will not be and have not been registered under the Securities
Act of 1933, as amended, or any state securities or blue sky laws and may not be
offered or sold in the United States absent registration or an exemption from
the registration requirements of such laws.
Chancellor Broadcasting was formed in 1993 by Steven Dinetz and Hicks,
Muse, Tate & Furst to pursue acquisitions in the radio broadcast industry.
Chancellor Broadcasting is one of the leading pure-play radio broadcasting
companies in the United States. Upon consummation of all pending acquisitions,
excluding the previously announced merger with Evergreen Media and acquisition
of four radio properties from Viacom International, Chancellor will own and
operate 51 stations in 14 markets.
Chancellor Media Corporation, the nation's largest pure-play radio
broadcasting company, is being formed by the merger of Chancellor Broadcasting
Company with Evergreen Media Corporation (Nasdaq:EVGM) and the acquisition of
ten radio properties owned by Viacom International (AMEX: VIA, VIAB). Upon
consummation of all announced transactions, Chancellor Media will own and
operate 96 radio stations in 21 of the nations 40 largest markets.
For more information, please contact:
Chancellor Broadcasting: Steve Dinetz 972-239-6220
Jacques Kerrest
Brainerd Communicators: Chris Plunkett 212-986-6667
John Buckley
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