Metropolitan Broadcasting Corporation
| Company Deal | offering of $6,000,000 principal amount of 6% convertible subordinated debentures due 1975 |
|---|---|
| Transaction Type | Convertible Subordinated Debentures |
| Deal Description | Metropolitan Broadcasting Corporation used the net proceeds from this transaction to repay a temporary bank loan incurred by the company to provide a portion of the funds for its recent and pending acquisitions. The balance of the net proceeds was added to the company's general funds. The company planned to use such funds, together with other loans, for its recent and pending acquisitions and additional working capital needed as a result of the concomitant expansion of its business. |