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LIN TV buys 88% of 8% notes in tender
New York, Feb. 15 - LIN TV Corp. said its subsidiary LIN Television Corp. received tenders of $145.9 million, or 88%, of its $166.4 million outstanding 8% senior notes due 2008 and accepted them all for payment.
The tender ended at 9 a.m. ET on Feb. 15.
LIN TV said it called for redemption the remaining $20.51 million 8% notes. They will be redeemed on March 17 at $1,040.00 per $1,000 principal amount plus accrued interest up to but excluding the redemption.
On Jan. 31, LIN said it received the necessary consents to amend the indenture for its $166.4 million of outstanding 8% senior notes due 2008.
By the consent deadline of 5 p.m. ET on Jan. 31, holders had tendered $145.9 million, or 88%, of the securities. Payment is expected on Feb. 1.
LIN TV announced the tender on Jan. 18, saying it was offering to buy the notes and soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default.
The tender offer is being made in connection with LIN Television's recently announced plans to offer $175 million of 6½% senior subordinated notes due 2013, although completion of the tender offer is not a condition to completion of the notes offering.
For each $1,000 principal amount of the 8% notes, LIN Television is offering a purchase price of $1,010.00 plus accrued and unpaid interest up to but excluding the date of payment and a consent payment of $32.50 payable only to holders who tender and deliver consents by the consent deadline.
The offer is subject to conditions, including the completion of the sale of the senior subordinated notes.
J.P. Morgan Securities Inc. (866 834-4666 or 212 834-3424) and Deutsche Bank Securities Inc. (212 250-7772) are dealer managers and solicitation agents. Global Bondholder Services Corp. is the information agent (banks and brokers call collect 212 430-3774; others call 866 387-1500).
LIN TV is a Providence, R.I., television broadcaster.
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