Television Company Belo Corp. (BLC) Prices Senior Notes
November 10 2009 - 6:07PM
PR Newswire (US)
DALLAS, Nov. 10 /PRNewswire-FirstCall/ -- Belo Corp. (NYSE:BLC),
one of the nation's largest pure-play, publicly-traded television
companies, announced today that it has priced its previously
announced offering of $275 million principal amount of senior notes
due 2016. The notes will bear interest at a rate of 8 percent per
annum with interest payable semi-annually on May 15 and November
15, beginning on May 15, 2010. The notes were issued at a price
equal to 98.045 percent of their face value. Belo intends to use
the net proceeds from the offering to reduce its borrowings under
the Company's revolving credit facility, which is to be amended and
extended upon closing of the note offering. The amendment will
provide greater flexibility under the facility's leverage and
interest covenants and also reduce the commitments to approximately
$461 million through June 7, 2011 and approximately $205 million
thereafter through expiration of the facility on December 31, 2012.
A shelf registration statement relating to the senior note offering
was filed with the Securities and Exchange Commission on September
22, 2009, as amended on November 2, 2009, and enables the Company
to offer and sell debt securities from time to time. Interested
parties may obtain a written prospectus and prospectus supplement
by visiting EDGAR on the SEC Web site at http://www.sec.gov/ or by
contacting J.P. Morgan Securities Inc. toll free at 800-245-8812.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the senior notes, nor shall there
be any sale of the senior notes in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities law of any
such jurisdiction. 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. Belo stations rank first or second in
nearly all of their local markets. 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, impairments, 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 Company's spin-off
distribution of its newspaper businesses and related assets to A.
H. Belo Corporation and the associated agreements between the
Company and A. H. Belo relating to various matters; 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 national transition to digital television in June 2009, 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/A. 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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