Just hours after reporting its 2009 financial results, Media General announced plans to offer $350 million of new senior secured notes due 2017. The notes will be sold to qualified institutional buyers.
Media General said it will use the proceeds to pay down its revolving credit facility.
“Concurrently with this offering, the company is seeking consent from the lenders under its revolving credit facility and its term loan credit facility to combine, amend and restate the revolving credit facility and the term loan credit facility. The company’s offering of notes and contemplated amendment to its existing credit facilities are each contingent on both transactions closing,” Media General said in announcing the offering.
