Lin TV $100 million convertibles talked at 2.75-3.25% yield, up 70-75%

By Sara Rosenberg

New York, May 5 - Lin TV Corp.'s $100 million exchangeable senior subordinated debentures due 2033, scheduled to price after market hours Monday, are talked to yield 2.75% to 3.25% with an initial conversion premium of 70% to 75%, according to market sources.

Deutsche Bank, JPMorgan and Morgan Stanley are joint bookrunners on the Rule 144A deal and Bear Stearns & Co. is a co-manager.

There is a $25 million greenshoe.

There is hard call protection for five years and there are puts in year five and every five years after that.

Proceeds, combined with a $200 million senior subordinated notes offering, will be used by the Providence, R.I. television company to redeem its existing 8 3/8% senior subordinated notes due 2008.

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