LIN Media Announces Closing of $260 Million Incremental Term Loan
22 12월 2011 - 6:32AM
Business Wire
LIN TV Corp. ("LIN Media"; NYSE: TVL), a local multimedia
company, announced today that its wholly-owned subsidiary, LIN
Television Corporation ("LIN Television"), closed an incremental
term loan under its existing senior secured credit facilities.
The incremental facility is a seven-year, $260 million term
loan, priced at L+375, with a 1.25% LIBOR floor and was issued at a
price of 99.0. Borrowings under the new incremental facility are
being used to redeem LIN Television’s 6 1/2% Senior Subordinated
Notes due 2013 and 6 1/2% Senior Subordinated Notes due 2013 -
Class B (the “2013 Notes”), and to pay accrued interest, fees and
expenses associated with the transaction.
Additionally, on December 21, 2011, LIN Television issued
notices to call all of the outstanding 2013 Notes on January 20,
2012, at a redemption price of 100% of the principal amount plus
accrued and unpaid interest to the redemption date.
Commenting on the transaction, the Company’s Senior Vice
President and Chief Financial Officer Richard J. Schmaeling said:
“This transaction completes the staged refinancing of our credit
facilities and our 2013 Notes. At current borrowing rates, this
series of transactions reduces LIN’s weighted average cost of debt
to 5.6% and its annual cash interest cost by close to $9
million.”
About LIN Media
LIN Media is a local multimedia company that operates or
services 34 network-affiliates, interactive web sites and mobile
products. The Company's digital businesses offer innovative online
technologies and solutions that deliver measurable results to
advertisers. LIN TV Corp. is traded on the NYSE under the symbol
"TVL".
Forward-Looking Statements
This press release includes statements that constitute
"forward-looking statements," including statements regarding our
future plans and operations. Forward-looking statements inherently
involve risks and uncertainties, including, among other factors,
general economic conditions, demand for advertising, competition
for audience and programming, government regulations and new
technologies, that could cause our actual results to differ
materially from the forward-looking statements. Factors that could
contribute to such differences include the risks detailed in our
periodic reports filed with the Securities and Exchange Commission.
Reports may be accessed online at www.sec.gov or www.linmedia.com.
By making these forward-looking statements, we undertake no
obligation to update these statements for revisions or changes
after the date of this press release.
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