There are still a few of Barrington Broadcasting Group’s 10.5% Senior Subordinated Notes due 2014 outstanding – but not many. Most were submitted to be cashed out in the tender by Barrington which expired on December 29th.
The TV group owner had offered to buy back the entire $55 million of the issue as part of a $195 million refinancing package. Holders tendered $50.98 million, which is just shy of 93%. In fact, all were tendered by the early tender date of December 14th and qualified for the additional payment of $30 per $1,000 of face value. Because of that, the notes were amended as of December 14th.
Barrington said it now expects to redeem any and all of the notes which remain outstanding, which would be around $4 million worth.
RBR-TVBR observation: We saw lots of refinancing moves by broadcasters in 2011, due to low interest rates. Look for that trend to continue in 2012.