(March 2, 2009) DALLAS: Belo Corp. has renegotiated its bank credit facility, reducing its obligation from $600 million to $550 million. It also provides for an increased pricing based on a leverage grid, plus other modifications to the existing agreement. The expiration date of June 2011 remains unchanged.
Belo chief Dunia A. Shive said the company was in compliance, but entered the amendment to help it navigate the “unprecedented volatility of the current economic recession.”
Belo (NYSE: BLC) recently reported 2008 revenues of nearly $733.5 million, down from nearly $777 million in 2007. Full-year net loss was $333 million compared to almost $263 million the year before. Belo wrote down $465 million for the year, including $114 million on its FCC spectrum licenses.
Shares of Belo followed the wider market down today, which dropped on news that insurance giant AIG needed continued bailing out. Belo opened near 80 cents and dipped to below 70 cents mid-day.
