Funding for the $100 million capital contribution to the NBC JV and transaction fees and expenses of approximately $7 million was provided by a combination of cash on hand, borrowings under LIN Television Corporation’s revolving credit facility and a new incremental term loan under its existing senior secured credit facility. This incremental facility is a five-year, $60 million term loan, priced at LIBOR+300bps, with a 1% LIBOR floor.Commenting on the Comcast / GE Transaction, LIN’s President and Chief Executive Officer Vincent L. Sadusky said: “We are very excited about this transaction because it is the first step in resolving once and for all the NBC JV guarantee and tax overhangs that have in recent years limited our strategic options and have kept some investors on the sidelines. We plan to move as rapidly as practical to execute the merger that will cause the LLC Conversion and expect to close this transaction within the next four to six months.”
LIN TV Corp. Executes First Of Two Transactions To Resolve NBC JV Overhangs
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