Emmis to repay some bank debt with proceeds from asset sale

By Sara Rosenberg

New York, Oct. 12 - Emmis Communications Corp. plans to repay debt under its senior credit facility using the $70 million in cash it will receive from Bonneville International Corp. in a radio swap transaction, according to a 10-Q filed with the Securities and Exchange Commission on Tuesday.

Under the transaction, Emmis will give Bonneville three radio stations in Phoenix for Bonneville's WLUP-FM Chicago station and the cash.

The transaction is subject to various regulatory approvals and is expected to close in early 2005.

Emmis is an Indianapolis-based diversified media company.

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