Belo amends bank credit facility


Belo has gotten itself some leverage breathing room by redoing its loan deal with its bank group. "Belo was in compliance with the terms of its bank facility, but we proactively entered into this amendment to provide the Company with additional capacity under the agreement’s leverage and interest coverage covenants,” said CEO Dunia Shive. The amendment reduces the banks’ commitment from $600 million to $550 million and provides for an increase in pricing, based on a leverage grid, in addition to other modifications to the existing agreement. The credit facility retains its June 2011 expiration date.