K-III sells shares

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K-III Communications Corp. closed its first day of trading Thursday at $10.50 per share, up slightly from the $10 offering price on the New York Stock Exchange. The initial public offering of 15 million shares represents about 12% of the company's stock, but still leaves investment firm Kohlberg Kravis Roberts & Co. with 85% of the company's common stock and all of the voting stock. Net proceeds of the sale, some $140.8 million, will be used to pay down debt and for general corporate purposes.

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