LIN Media is working on a refinancing with its senior lenders. The company will be getting more money from its bankers as it cashes out some of its public bonds.
Under the planned refi, LIN plans to add a $260 million tranche B term loan maturing to its existing $125 million tranche A term loan maturing in October 2017 and its $75 million revolving line of credit maturing in October 2016. The proceeds from the new loan will be used to redeem LIN’s 6.5% senior subordinated notes due 2013. As of September 30 there were about $276 million of the notes outstanding.
Assuming the deal with its bankers gets done this month, LIN said it expects to issue notices to redeem the notes in January.