| Deal Description | American Broadcasting Companies (ABC), Inc., expected to use the net proceeds of the sale of the debentures to the extent of $25 million to pay an outstanding loan from International Telephone and Telegraph Corporation and initially to the extent of $27.9 million to pay outstanding bank borrowings. The balance of the proceeds was initially to be added to the general corporate funds and made available for various corporate purposes. These included the continuation of the modernization and conversion for color broadcasting of existing television facilities, the purchase of network television rights to feature films, new theaters, and production of theatrical motion picture films. |
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