Media General Announces Short-Term Bridge Amendment to Existing Credit Agreement
Media General, Inc. (NYSE: MEG), a multimedia provider of broadcast television, digital media and print products, today announced that the company has completed the first step in the refinancing process with its lender group, reaching agreement for a short-term bridge amendment to its existing credit agreement. The amendment provides Media General with near-term flexibility as it pursues discussions with the lender group concerning covenant amendments and an extension of the maturity of $363 million of bank debt due next year, March 29, 2013. The bridge amendment resets the leverage ratio during the first quarter of 2012 and waives a Feb. 9, 2012, deadline to demonstrate covenant compliance on a prospective basis.
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