LIN TV Corp. TVL, LIN Television Corporation, is seeking to raise additional term loan commitments under its
existing senior secured credit facility.
Under the terms of the credit agreement governing its senior secured credit
facility, LIN Television would add a $260.0 million tranche B term loan
maturing in December 2018 to its existing $125.0 million tranche A term loan
maturing in October 2017 and its $75.0 million revolving line of credit
maturing in October, 2016. The proceeds of the tranche B term loan would be
used to redeem all of LIN Television's outstanding 6.5% senior subordinated
notes due 2013, in addition to paying related fees and expenses. The closing
of the new tranche B term loan facility is expected to occur in December 2011
and is subject to negotiation of pricing terms, market conditions, completion
of documentation, and customary closing conditions. Assuming the closing
occurs in December 2011, LIN Television expects to issue notices to redeem all
of the outstanding senior subordinated notes with a redemption date in January
2012. LIN Television can make no assurances that such a transaction can be
completed at this time or as to the terms of such transaction, if completed
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