Belo Draws on Credit Facility to Retire Senior Notes
October 29 2008 - 2:26PM
PR Newswire (US)
Television Company to Retire Senior Notes November 3, 2008 DALLAS,
Oct. 29 /PRNewswire-FirstCall/ -- Belo Corp. (NYSE:BLC) announced
today that it has drawn $364 million under its revolving credit
facility to retire $350 million in 8 percent senior notes due
November 3, 2008, plus accrued interest. As previously announced,
the television company will issue a news release regarding its
third quarter 2008 earnings on Monday, November 3, at 7:30 a.m.
CST. About Belo Corp. Belo Corp. is one of the nation's largest
pure-play, publicly-traded television companies, with 2007 annual
revenue of approximately $777 million. The Company owns and
operates 20 television stations reaching more than 14 percent of
U.S. television households, including ABC, CBS, NBC, FOX, CW and
MyNetwork TV affiliates, and their associated Web sites, in 15
highly-attractive markets across the United States. Belo stations
consistently deliver distinguished journalism for which they have
received significant industry recognition including nine Alfred I.
duPont-Columbia University Silver Baton Awards; nine George Foster
Peabody Awards; and 23 national Edward R. Murrow Awards -- all
since 2000, and in each case more than any other commercial station
group in the nation. Nearly all Belo stations rank first or second
in their local market. Belo owns stations in seven of the top 25
markets in the nation, with six stations located in the
fast-growing, top-14 markets of Dallas/Fort Worth, Houston,
Seattle/Tacoma and Phoenix. Additionally, the Company has created
regional cable news channels in Texas and the Northwest increasing
its impact in those regions. Additional information is available at
http://www.belo.com/ or by contacting Paul Fry, vice
president/Investor Relations & Corporate Communications, at
214-977-6835. Statements in this communication concerning Belo's
business outlook or future economic performance, anticipated
profitability, revenues, expenses, dividends, capital expenditures,
investments, future financings, and other financial and
non-financial items that are not historical facts, are
"forward-looking statements" as the term is defined under
applicable federal securities laws. Forward-looking statements are
subject to risks, uncertainties and other factors that could cause
actual results to differ materially from those statements. Such
risks, uncertainties and factors include, but are not limited to,
uncertainties regarding the costs, consequences (including tax
consequences) and other effects of the distribution of the
newspaper businesses and related assets of Belo; changes in capital
market conditions and prospects, and other factors such as changes
in advertising demand, interest rates and programming and
production costs; changes in viewership patterns and demography,
and actions by Nielsen; changes in the network-affiliate business
model for broadcast television; technological changes, including
the transition to digital television and the development of new
systems to distribute television and other audio-visual content;
changes in the ability to secure, and in the terms of, carriage of
Belo programming on cable, satellite, telecommunications and other
program distribution methods; development of Internet commerce;
industry cycles; changes in pricing or other actions by competitors
and suppliers; Federal Communications Commission and other
regulatory, tax and legal changes; adoption of new accounting
standards or changes in existing accounting standards by the
Financial Accounting Standards Board or other accounting
standard-setting bodies or authorities; the effects of Company
acquisitions, dispositions and co-owned ventures; general economic
conditions; and significant armed conflict, as well as other risks
detailed in Belo's other public disclosures and filings with the
SEC including Belo's Annual Report on Form 10-K. DATASOURCE: Belo
Corp. CONTACT: Paul Fry, vice president|Investor Relations &
Corporate Communications of Belo Corp., +1-214-977-6835 Web site:
http://www.belo.com/
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