Media General prices bond offering
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Media General sold a private offering of senior unsecured notes, due 2017. The offering of $300 million was smaller than the proposed offering announced as $350 million.
The new notes carry a cooupon of 11.75%. They were priced at 97.69% of face value, resulting in a yield to maturity of 12.25%
The bond sale is expected to close on February 12th. Media General said the proceeds will be used to pay down borrowings under its existing revolving credit facility.
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