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ARCH COMPLETES RECAPITALIZATION

WESTBOROUGH, Mass.-Arch Communications Group Inc. said it completed its recapitalization effort, closing a $400 million bank credit facility and revised legal structure, privately placing $25 million of convertible preferred stock and issuing $130 million of 12.75-percent senior notes due 2007.

“We now have a capital structure that is easier to understand and positions Arch to participate in ongoing industry consolidation,” said J. Roy Pottle, Arch executive vice president and chief financial officer. Last week, Arch announced it was in talks with MobileMedia Communications Corp. about the possibility of a merger.

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