Television Company Belo Corp. (BLC) Completes Offering of Senior Notes and Credit Facility Amendment
November 16 2009 - 11:14AM
PR Newswire (US)
DALLAS, Nov. 16 /PRNewswire-FirstCall/ -- Belo Corp. (NYSE:BLC),
one of the nation's largest pure-play, publicly-traded television
companies, announced today that it has completed the previously
announced offering of $275 million principal amount of senior notes
due 2016. The notes 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. The net proceeds from the
offering were used to reduce the Company's borrowings under its
revolving credit facility, which was amended and extended upon
closing of the notes offering. The amendment provides greater
flexibility under the facility's leverage and interest covenants
and also reduces the commitments to approximately $461 million
through June 7, 2011 and approximately $205 million thereafter
through expiration of the facility on December 31, 2012. 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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