Metro-Goldwyn-Mayer said Thursday it will make its $ 14.4 million interest payment due Tuesday on the $ 136.5 million 13% subordinated debt. The notes mature in 1996, at which time U.S. banking laws stipulate that MGM’s 98.5% owner , the French bank Credit Lyonnais, has to find the studio a buyer.
As of Dec. 31, 1992, the studio’s bank debt was $ 1.035 billion and its outstanding subordinated debt $ 211.649,000, totaling $ 1.25 billion.
Preferred Entertainment Inc., a wireless cable television system operator that serves the Chicago metropolitan area, filed an initial public offering with the Securities & Exchange Commission for 1,615,159 common shares. Preferred Entertainment estimated that the initial public offering price will range from $ 9 to $ 11 per share. Proceeds from the offering will be used for capital expenses and to acquire new equipment. Gerard Klauer Mattison & Co. Inc. will underwrite the offering.
Film Payroll Services and Immediate have merged to form Media Services. Immediate, which was formerly Payments Plus, served New Line Cinema, Republic Pictures, Disney and Hearst Entertainment. FPS has added 75 commercial production companies to its client list in the past year. The combined company maintains offices with 135 employees in L.A., New York, Toronto and Vancouver. The company is owned by Oberman, Tivoli, Miller & Low.