Television and newspaper company Tribune has a dual purpose for a proposed $3.8B loan and smaller revolver – it wants to finance a buy and a refi. Moody’s Investors Service sees much to like in Tribune’s moves and no basis for an overall status change.
$2.7B of the loan would go to the acquisition of Local TV, and the remaining $1.1B would be used to refinance existing debt. The assocated revolver would be worth $300M.