Senior secured notes due 2017
RICHMOND, VA.: Media General has priced its previously announced private offering of senior secured notes due 2017. The face value of the notes is $300 million with an interest rate of 11 3/4 percent. The notes were priced at 97.69 percent of face value, resulting in a yield to maturity of 12 1/4 percent.
The notes are being made available in a private offering to qualified institutional buyers. The offering is exempt from the Securities & Exchange registration rules. Closing is expected Feb. 12, 2010, subject to satisfaction of closing conditions contained in the purchase agreement with the initial purchasers. Media General(NYSE; MEG) intends to use the net proceeds from the offering to repay borrowings outstanding under its existing revolving credit facility.
January 28, 2009: “Media General 4Q09 Broadcast Revenues Decline 17 Percent”
Broadcast revenues for the fourth quarter of 2009 were $71.6 million compared to $86.6 million a year earlier. Total 2009 revenues were $259 million for the stations, compared to $322.1 million a year ag o.
