To buy the 8 3/8% senior notes that LIN Media’s LIN Television Corporation sold back in April you had to be a big institutional investor. But now the company is offering to exchange those bonds for new ones which can be traded publicly and owned by anyone who ponies up the cash to buy them.
The Old Notes were issued in a private placement pursuant to Rule 144A and Regulation S under the Securities Act, the company noted. The terms of the new 8 3/8% Senior Notes due 2018 will be identical in all material respects to the terms of the Old Notes, except that the transfer restrictions applicable to the Old Notes will not apply to the New Notes, except in limited circumstances, and the New Notes will not have rights to additional interest or registration rights, LIN explained in announcing the offer to exchange the notes.
The exchange offer will expire at 5:00 pm ET on October 12, 2010, unless extended by LIN Television Corporation. There are $200 million of the 8 3/8% Senior Notes due 2018 outstanding.
LIN Television Corporation has retained The Bank of New York Mellon Trust Company, N.A. to act as exchange agent for the exchange offer.