|
Quotes & Info
|
| TVL > SEC Filings for TVL > Form 8-K on 6-Aug-2009 | All Recent SEC Filings |
6-Aug-2009
Entry into a Material Definitive Agreement, Results of Operations and Financial Condi
On July 31, 2009, LIN Television Corporation entered into an Amended and Restated Credit Agreement (the "Amended Credit Agreement") with JPMorgan Chase Bank, N.A., as Administrative Agent, and the banks and other financial institutions party thereto. Under the Amended Credit Agreement, our aggregate revolving credit commitments will remain at $225.0 million and our outstanding term loans remain at $69.9 million. The terms of the Amended Credit Agreement include, but are not limited to, changes to financial covenants, including our consolidated leverage ratio, consolidated interest coverage ratio and consolidated senior leverage ratio, a general tightening of the exceptions to our negative covenants (principally by means of reducing the types and amounts of permitted transactions) and an increase to the interest rates and fees payable with respect to the borrowings under the Amended Credit Agreement. Certain revised financial condition covenants, and other key terms, are as follows:
Prior As Amended
Consolidated Leverage Ratio:
July 1, 2009 through September 30, 2009 7.00x 9.00x
October 1, 2009 to December 31, 2009 7.00x 10.50x
January 1, 2010 through March 31, 2010 6.50x 10.00x
April 1, 2010 through June 30, 2010 6.50x 9.00x
July 1, 2010 through September 30, 2010 6.00x 7.50x
October 1, 2010 and thereafter 6.00x 6.00x
Consolidated Interest Coverage Ratio:
July 1, 2009 through September 30, 2009 2.00x 1.75x
October 1, 2009 through December 31, 2009 2.00x 1.50x
January 1, 2010 through June 30, 2010 2.25x 1.75x
July 1, 2010 through September 30, 2010 2.25x 2.00x
October 1, 2010 and thereafter 2.25x 2.25x
Consolidated Senior Leverage Ratio:
July 1, 2009 through September 30, 2009 3.50x 3.75x
October 1, 2009 through December 31, 2009 3.50x 4.25x
January 1, 2010 through March 31, 2010 3.50x 4.00x
April 1, 2010 through June 30, 2010 3.50x 3.75x
July 1, 2010 through September 30, 2010 3.50x 3.00x
October 1, 2010 and thereafter 3.50x 2.25x
Interest rate on borrowings LIBOR + 150bps* LIBOR + 375bps
|
* At consolidated leverage of 7x or greater.
The Amended Credit Agreement revises the calculation of Consolidated Total Debt used in our consolidated leverage ratios to exclude the netting of cash and cash equivalents against total debt.
On an annual basis following the delivery of the Company's year end financial statements, the Amended Credit Agreement requires mandatory prepayments of principal, as well as a permanent reduction in revolving credit commitments, subject to a computation of excess cash flow for the preceding fiscal year, as more fully set forth in the Amended Credit Agreement. In addition, the Amended Credit Agreement places additional restrictions on the use of proceeds from asset sales or from the issuance of debt (with the result that such proceeds, subject to certain exceptions, be used for mandatory prepayments of principal and permanent reductions in revolving credit commitments), and includes an anti-cash hoarding provision which requires that LIN Television Corporation utilize unrestricted cash and cash equivalent balances in excess of $12.5 million to repay principal amounts outstanding, but not permanently reduce capacity, under our revolving credit facility.
The description of the provisions of the Amended Credit Agreement set forth above is qualified in its entirety by reference to the full and complete terms contained in the Amended Credit Agreement, which is filed as Exhibit 99.1 and incorporated herein by reference.
On August 6, 2009, LIN TV Corp. issued a press release announcing its financial results for the quarter and six months ended June 30, 2009. A copy of this press release has been furnished with this Current Report on Form 8-K as Exhibit 99.2.
The information in this Item 2.02 on Form 8-K (including Exhibit 99.2) shall not be deemed "filed" under the Securities Exchange Act of 1934 ("the Exchange Act") nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act except as expressly set forth by specific reference in such a filing.
(d) Exhibits. See Exhibit Index attached hereto.
|
|