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Paxson Completes Debt Refinancing

Jan 3, 2006  •  Post A Comment

Paxson Communications said Tuesday that it has completed a $1.13 billion debt refinancing that company executives said will position the broadcaster for greater financial flexibility and allow it to concentrate on growing its business.

Proceeds from the debt transaction were used to refinance all of its previously outstanding debt securities, extending the company’s debt maturities until after 2012. The company said the transaction also helped to reduce Paxson’s debt costs.

The transaction comes several weeks after Paxson and NBC Universal reached an agreement that settles a years-long dispute over NBCU’s stake in Paxson, and after company founder Lowell “Bud” Paxson stepped down and was replaced by former NBCU executive Brandon Burgess.