LIN Media Announces Plans to Raise Incremental Term Loan Commitments
LIN TV Corp. (NYSE: 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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