Television Company Belo Corp. (BLC) Successfully Amends Bank Credit Facility
March 02 2009 - 8:30AM
PR Newswire (US)
DALLAS, March 2 /PRNewswire-FirstCall/ -- Belo Corp. (NYSE:BLC),
one of the nation's largest pure-play, publicly-traded television
companies, today announced it successfully completed an amendment
to its bank credit facility. Dunia A. Shive, president and Chief
Executive Officer, commented, "Belo was in compliance with the
terms of its bank facility, but we proactively entered into this
amendment to provide the Company with additional capacity under the
agreement's leverage and interest coverage covenants. The strength
of our market-leading television stations enabled us to obtain an
amendment that provides flexibility to the Company as we manage
through the unprecedented volatility of the current economic
recession." The amendment reduces the banks' commitment from $600
million to $550 million and provides for an increase in pricing,
based on a leverage grid, in addition to other modifications to the
existing agreement. The credit facility retains its June 2011
expiration date. The amendment will be included in its entirety as
an exhibit to the Company's Form 10-K, which will be filed later
today and posted at http://www.belo.com/ under Investor Relations.
About Belo Corp. Belo Corp. (BLC) is one of the nation's largest
pure-play, publicly-traded television companies, with 2008 annual
revenue of $733 million. The Company owns and operates 20
television stations (nine in the top 25 markets) and their
associated Web sites. Belo stations, which include affiliations
with ABC, CBS, NBC, FOX, CW and MyNetwork TV, reach more than 14
percent of U.S. television households in 15 highly-attractive
markets. Nearly all Belo stations rank first or second in their
local market. Additional information is available at
http://www.belo.com/ or by contacting Paul Fry, vice
president/Investor Relations & Corporate Communications, at
214-977-6835. DATASOURCE: Belo Corp. CONTACT: Paul Fry, vice
president/Investor Relations & Corporate Communications,
+1-214-977-6835 Web site: http://www.belo.com/
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