This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Media General Announces Expiration Of Tender Offer And Payment At Par On Term Loan

RICHMOND, Va., Aug. 6, 2012 /PRNewswire/ -- Media General, Inc. (NYSE: MEG) announced today that its tender offer to purchase up to $45.2 million of its 11¾% Senior Secured Notes due 2017 expired on July 30, 2012 at 5 p.m. ET.  Media General accepted for purchase $200,000 of notes that were validly tendered and the purchased notes were canceled.  Holders of the validly tendered notes received the announced purchase price of 100% of the principal amount plus accrued and unpaid interest to the date of payment.  All notes not tendered remain outstanding, leaving a principal amount due of $299.8 million.

Media General used the amount that the Senior Secured Note Holders elected not to take to repay, at par, a portion of its term loan with BH Finance LLC (an affiliate of Berkshire Hathaway).  The principal amount outstanding on that term loan is now $301 million.  Using the proceeds from its sale of newspapers on June 25, 2012, Media General has reduced the face value of its total long-term debt to $601 million, compared with $700 million at the end of the second quarter of 2012. (See Media General's Form 10-Q for the second quarter of 2012, filed with the SEC on August 3, 2012, Note 5, for details about the company's current financing arrangements.)

About Media GeneralMedia General is a leading provider of news, information and entertainment across 18 network-affiliated broadcast television stations and their associated digital media and mobile platforms.  The company's stations serve consumers and advertisers in strong local markets, primarily in the Southeastern United States. Media General's network affiliates include eight NBC stations, eight CBS stations, one ABC station and one CW station.  Six of the company's stations operate in the Top 40 markets in the United States.  Media General's stations reach more than one-third of TV households in the Southeast and more than 8 percent of U.S. TV households.  Media General entered the television business in 1955 when it launched WFLA-TV in Tampa, Florida, as an NBC affiliate.  Today, WFLA is the company's largest TV station, operating in the 14th largest DMA in the United States.  Media General continues to own The Tampa Tribune and its associated print properties and expects to enter into a transaction with one of several prospective buyers for the group.



1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,563.30 -317.06 -1.88%
S&P 500 1,930.67 -39.40 -2.00%
NASDAQ 4,369.7730 -93.1290 -2.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs