SFX Broadcasting Inc., a radio broadcasting company, filed an initial public offering for 3.2 million class A common shares. In a filing with the Securities & Exchange Commission, the company said the use of proceeds from the offering will be used to repay debt and for working capital.
Kidder, Peabody & Co. and Furman Selz Inc. will underwrite the offering.
FMR Corp., a holding company of Fidelity Investments, cut its stake in NTN Communications Inc. to 0.89%. As a result, FMR Corp. now holds 152,319 common shares. NTN is one of two interactive TV programmers.
General Instrument Corp. has pared its debt level again, cutting annual interest expenses by an estimated $ 25 million. The nation’s largest maker of cable TV set-top boxes said it has prepaid the last $ 100 million of the $ 600 million in subordinated debt issued in connection with its 1990 acquisition by Forstmann Little & Co. It also completed a revision of its bank credit facility at a lower interest rate. The company prepaid the other $ 500 million of 9.5% subordinated debt, which was not due until after 2001, with the proceeds of a recent public offering of 5% convertible debt.
Canadian Home Shopping Network Ltd. said its shareholders approved the amalgamation of the company with a unit of Rogers Communications Inc. The company said the transaction is effective as of Sept. 1. Shareholders of CHSN, other than the Rogers unit, will at their election either receive 89.5 cents (Canadian) in cash for each CHSN common share held, or will receive one class B non-voting share of Rogers in exchange for each 19.25 CHSN shares held.