Belo Corporation announced it has successfully amended and restated its bank credit facility. Among other things, the new facility gives the TV group owner greater flexibility under dividend and share repurchase covenants. Belo recently resumed dividend payments, which had been suspended in 2009.
As of the end of Q3 Belo had nothing drawn on its old $205 million bank credit facility (amended in 2009) and was in compliance with all covenants to be able to draw on the facility, should it desire to do so. The new, more flexible facility is for $200 million and runs through August 2016.
The company also has $886.8 million (as of September 31, 2011) of bond debt in four issues, with the earliest maturity in 2013.
Belo owns 20 TV stations in 15 markets, reaching more than 14% of US television households.