Media General Announces Proposed Private Senior Notes Offering

(RTTNews) - Media General, Inc. (MEG) said Friday that its newly formed, wholly owned subsidiary plans to issue $300 million aggregate principal amount of senior unsecured notes in connection with the financing of its announced business combination with LIN Media LLC.

Upon the closing of the LIN merger, the issuer will merge with and into LIN Television Corp. with LIN Television continuing as the surviving corporation in such merger and assuming all of the issuer's obligations under the Senior Notes and the indenture governing the Senior Notes.

The proceeds of any such senior notes, together with cash on hand, proceeds from previously announced divestitures and bank borrowings through proposed amendments to its existing credit agreement, will be used to pay a portion of the merger consideration for the business combination with LIN, repay certain existing indebtedness of LIN and pay related fees and expenses.