Media General, Inc. 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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