LBI Media raising $240 million


Wall Street continues to welcome broadcasting bond sales with open arms. LBI Media announced that it will make a private placement of $240 million in senior secured notes due 2019.

LBI said it will use the proceeds from the bond sale to repay all amounts outstanding under its existing senior secured credit facilities. It also plans to redeem in full its 11% senior discount notes due 2013. Concurrently with the offering, LBI also intends to enter into a new revolving credit facility up to $50 million.

According to the financial results it announced Monday (3/7), LBI had long-term debt of $402 outstanding at the end of 2010.