LIN TV (TVL) Unit Closes $260M Incremental Term Loan
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LIN TV Corp. (NYSE: TVL), reports its wholly-owned subsidiary, LIN Television Corporation, 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.
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.
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