<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 27, 1995
PAXSON COMMUNICATIONS CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-13452 59-3212788
- --------------------------------------------------------------------------------
(State or other (Commission IRS Employer
jurisdiction of File Number) Identification No.
incorporation)
601 Clearwater Park Road, West Palm Beach, FL 33401-6233
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (407) 659-4122
-----------------------------
N/A
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other.
On September 27, 1995, the Registrant issued the following press
release pursuant to Rule 135 (c) of the Securities Act of 1933, as amended:
PAXSON COMMUNICATIONS ISSUES $230,000,000 IN BONDS
Palm Beach, FL - Paxson Communications Corporation announced that it has
executed an agreement for the sale of $230,000,000 of its 11 5/8% senior
subordinated notes due 2002. The closing will take place tomorrow, September
28th, 1995. The notes were offered privately under Rule 144A, have not been
registered under the Securities Act of 1933, and may not be offered or sold in
the United States absent registration or an applicable exemption. The Company
has agreed to register the notes under the Act in certain circumstances.
The Company plans to use the proceeds to repay substantially all of its
outstanding debt and to acquire additional broadcasting stations, including
WHAI-TV and WAKC-TV, serving the New York City and Cleveland, Ohio television
markets respectively. The purpose of this financing is to facilitate the
expansion of the Company's Infomall TV Network (IN TV) and other broadcasting
operations.
Paxson Communications Corporation trades publicly on the American Stock
Exchange under the symbol "PXN."
Page 2 of 3 Pages
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PAXSON COMMUNICATIONS CORPORATION
(Registrant)
By:/s/ Arthur D. Tek
----------------------------------
Arthur D. Tek, its Vice President,
Treasurer and Chief Financial Officer
Date: September 29, 1995
Page 3 of 3 Pages
