LIN TV is the latest broadcaster to tap the current Wall Street appetite for high-yield media bonds. LIN plans to sell $200 million of eight-year notes.
The new senior notes due 2018 will be sold to qualified institutional investors by LIN’s wholly-owned subsidiary, LIN Television Corporation. Net proceeds will be used to repay borrowings under LIN’s credit facility.
LIN owns and/or operates 28 network affiliate TV stations in 17 markets.
RBR-TVBR observation: Bring your wheel barrow – they’re handing out cash on Wall Street. Banks may still be hesitant to lend to broadcasters, but the high-yield bond market is hot. Unfortunately, for the vast majority of broadcasters this financing source is out of reach because they only need tens of millions of dollars, not hundreds of millions.
