Belo buys back $43.6 million bonds at discount in fourth quarter

By Angela McDaniels

Tacoma, Wash., Feb. 5 - Belo Corp. purchased and retired $43.6 million of bonds due 2013 and 2027 at a cost of $27.2 million during the fourth quarter of 2008, according to the company's earnings release.

The purchases were funded through Belo's revolving credit facility.

"The company will continue to stay focused on debt paydown and will continue to seek to reduce its long-term debt through opportunistic purchases and retirements of bonds," president and chief executive officer Dunia A. Shive said in the release.

"Like many companies, the weak revenue environment is expected to result in an increase in our leverage ratio. While we're in compliance with all terms of our current bank facility which expires in June 2011, we are seeking an amendment to the facility to adjust the leverage covenant amid the current economic slowdown. We expect to have an amended facility in place by the end of the first quarter."

Total debt at Dec. 31 was $1.09 billion.

Dallas-based Belo owns and operates 20 television stations.

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