Tribune to Reduce Borrowing by $500 Million
December 06 2007 - 8:30AM
PR Newswire (US)
Company Intends to Use Cash on Hand to Reduce Total Amount of
Bridge Loan CHICAGO, Dec. 6 /PRNewswire-FirstCall/ -- Tribune
Company (NYSE:TRB) confirmed today that, in connection with its
going-private transaction, it has advised the lead arrangers of the
second step financing that the company intends to use up to $500
million of its available cash to reduce borrowings under the
original $2.1 billion bridge loan commitment to $1.6 billion. The
transaction is expected to close before the end of Tribune's 2007
fiscal year following satisfaction of the remaining closing
conditions, including the receipt of a solvency opinion and
completion of the committed financing. TRIBUNE (NYSE:TRB) is one of
the country's top media companies, operating businesses in
publishing, interactive and broadcasting. It reaches more than 80
percent of U.S. households and is the only media organization with
newspapers, television stations and websites in the nation's top
three markets. In publishing, Tribune's leading daily newspapers
include the Los Angeles Times, Chicago Tribune, Newsday (Long
Island, N.Y.), The Sun (Baltimore), South Florida Sun-Sentinel,
Orlando Sentinel and Hartford Courant. The company's broadcasting
group operates 23 television stations, Superstation WGN on national
cable, Chicago's WGN-AM and the Chicago Cubs baseball team. Popular
news and information websites complement Tribune's print and
broadcast properties and extend the company's nationwide audience.
INVESTOR/MEDIA CONTACT: Gary Weitman 312/222-3394 (office)
312/222-1573 (fax) Forward-Looking Statements This press release
contains certain comments or forward-looking statements that are
based largely on the company's current expectations and are subject
to certain risks, trends and uncertainties. You can identify these
and other forward looking statements by the use of such words as
"will," "expect," "plans," "believes," "estimates," "intend,"
"continue," or the negative of such terms, or other comparable
terminology. Forward-looking statements also include the
assumptions underlying or relating to any of the foregoing
statements. Actual results could differ materially from the
expectations expressed in these statements. Factors that could
cause actual results to differ include risks related to the
transactions being consummated; the risk that financing might not
be obtained in a timely manner, without conditions, or at all; the
impact of the substantial indebtedness incurred to finance the
consummation of the merger; the ability to satisfy all closing
conditions in the definitive agreements; difficulties in retaining
employees as a result of the merger agreement; risks of unforeseen
material adverse changes to our business or operations; risks that
the proposed transaction disrupts current plans, operations, and
business growth initiatives; the risk associated with the outcome
of any legal proceedings that may be instituted against Tribune and
others in connection with the merger agreement; and other factors
described in Tribune's publicly available reports filed with the
SEC, including the most current annual 10-K and quarterly 10-Q
reports, which contain a discussion of various factors that may
affect Tribune's business or financial results. These factors,
including also the ability to complete the merger, could cause
actual future performance to differ materially from current
expectations. Tribune is not responsible for updating the
information contained in this press release beyond the published
date, or for changes made to this document by wire services or
Internet service providers. DATASOURCE: Tribune Company CONTACT:
Gary Weitman of Tribune Company, +1-312-222-3394, fax,
+1-312-222-1573, Web site: http://www.tribune.com/
Copyright
Tribune (NYSE:TRB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tribune (NYSE:TRB)
Historical Stock Chart
From Jul 2023 to Jul 2024