Belo Completes $275 Million Debt Offering

DALLAS (AP) — TV station owner Belo Corp. said Monday it completed its $275 million debt offering, using the proceeds to reduce its borrowings under its revolving credit facility.

The senior notes due 2016 bear an annual interest rate of 8 percent, with interest payable semiannually on May 15 and Nov. 15 starting in 2010. The company announced the debt offering last week.

Belo also said it amended its credit facility upon the closing of the notes offering, giving the company greater flexibility under the facility's leverage and interest covenants.

The amendment also reduces Belo's commitments to the facility to $461 million through June 7, 2011 and to $205 million thereafter until the facility expires Dec. 31.

Shares of Belo rose 15 cents, or 3.1 percent, to $5.02 in afternoon trading.