Media & Entertainment - Capital Offerings
Belo offering senior notes
November 03, 2009 2:44 PM ET
By Taigh Khan
|  Related Companies | Related Documents | Related Articles | Related Offerings |
Belo Corp. on Nov. 3 said it is offering $250 million to $275 million in senior notes due 2016, subject to the completion of an amendment to its bank credit facility. The amendment is expected to allow for additional capacity under the credit facility's leverage and interest coverage covenants and also extend the term of a portion of the commitments under the facility, the company said. The notes will be unsecured senior obligations of the company. Belo anticipates that the notes will carry subsidiary guarantees that are subordinate to the subsidiary guarantees under the company's revolving credit facility. Belo plans to use the net proceeds from the offering, which is expected to close by the end of November, to reduce the outstanding balance and commitments under its current $550 million credit facility. The company recently filed a shelf registration statement relating to the senior note offering that enables the company to offer and sell, from time to time, up to $600 million in debt securities. J.P. Morgan Securities Inc. is acting as lead book-running manager for the offering. | 
Add to Library
