LIN TV buys back $29.5 million 8% notes

New York, Feb. 10 - LIN TV Corp. said it bought back $29.5 million of its 8% senior unsecured bonds in negotiated transactions with an institutional investor.

The Providence, R.I., broadcasting company used borrowings under its revolving credit facility to fund the repurchase.

LIN said it bought back the notes in anticipation of receiving $24 million in cash from the sale of WEYI-TV in Flint, Mich. Proceeds from the transaction will be used to reduce debt.

LIN added that its weighted average cost of debt is now 5.5%.

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