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July 30, 2015 9:25 PM ET

Media

Company Overview of LIN Television Corporation

Company Overview

LIN Television Corporation, a local multimedia company, owns, operates, or services television stations and digital channels in the United States. The company’s television stations deliver local news, community services, sports and entertainment programs, advertising time available to political candidates, public service announcements, and children's programs. It also sells advertising time in local news, network, and syndicated programming. The company owns, operates, or services approximately 43 television stations and 7 digital channels in 23 the United States markets. In addition, it owns and operates television station Web sites, which offer Internet-based products and services that pro...

701 Brazos Street

Suite 800

Austin, TX 78701

United States

Founded in 1990

Phone:

512-774-6110

Fax:

512-774-6116

Key Executives for LIN Television Corporation

Chief Financial Officer and Senior Vice President
Age: 50
Executive Vice President of Digital Media
Age: 64
Principal Accounting Officer, Vice President and Controller
Age: 39
Chief Legal Officer and Senior Vice President
Age: 51
Vice President of Human Resources
Compensation as of Fiscal Year 2015.

LIN Television Corporation Key Developments

MGOC, Inc. and LIN Television Corporation Enter into Amendment No. 6 to its Credit Agreement

On June 22, 2015, Media General Inc. entered into Amendment No. 6 to its Credit Agreement with its subsidiaries MGOC Inc. and LIN Television Corporation (together, the Borrowers"), Royal Bank of Canada as Administrative Agent, and the other lenders and parties thereto. Pursuant to Amendment No. 6, the Borrowers have re-priced the existing aggregate $1.67 billion term B loans outstanding under their senior secured credit facility through a refinancing of the term B loans with a new tranche of otherwise identical term B loans. The interest rate for the re-priced term B loans is based on, at the Borrowers' option, adjusted LIBOR plus a margin of 3.00% or Base Rate plus a margin of 2.00 %. The maturity date for the term B loans remains July 31, 2020, and the quarterly amortization for the term B loans remains 0.25%, with the balance due at maturity. The expired 1% 'soft call' premium for re-pricing transactions within a 6 month period has been reestablished for a 12-month period commencing on the Amendment No. 6 effective date.

MGOC, Inc. and LIN Television Corporation Entered into an Amendment No. 5 to Credit Agreement with Royal Bank of Canada

On May 8, 2015, the MGOC Inc. and LIN Television Corporation entered into an Amendment No. 5 to Credit Agreement with Royal Bank of Canada, as Administrative Agent, and the other lenders and parties thereto. The Borrowers' existing senior secured credit facility will be amended to permit usage of the $100 million 'Available Amount' starter basket for restricted payments (including share repurchases) without regard to any leverage test, and the 5.00x total net leverage test for usage of other 'Available Amount' baskets will be changed to a 3.50x senior secured net leverage test. Also, Amendment No. 5: will require that net cash proceeds, as and when received by the Company from the qualified intermediary relating to the prior sale of television station WJAR-TV, be used to the extent necessary to prepay revolving loans outstanding (if any) at the time of receipt, will require that 'Excess Cash Flow' not be reduced by the amount of any restricted payments made after the Amendment No. 5 effective date and prior to the Company's receipt of the WJAR-TV net cash proceeds and will include certain other implementing mechanics.

Media General, Inc. and LIN Television Corporation Enter into Amendment No. 4 to Credit Agreement

On January 22, 2015, MGOC, Inc. (F/K/A Media General, Inc.) and LIN Television Corporation entered into Amendment No. 4 to Credit Agreement, with Royal Bank of Canada (RBC) and the other revolving lenders and parties thereto. Pursuant to Amendment No. 4, the financial covenant relating to the consolidated total net leverage ratio shall, effective as of the closing date of the business combination by Media General Inc. with LIN Media LLC, only apply to the Revolving Credit Facility and shall be in effect only when the aggregate amount of Letters of Credit (other than those Cash Collateralized in an amount equal to the Outstanding Amount thereof) and/or Revolving Credit Loans outstanding exceed 30% of the Revolving Credit Commitments on the last day of any fiscal quarter or fiscal year, as applicable.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
August 20, 2014
WTGS-TV
Merger/Acquisition
August 20, 2014
LIN Television Corporation, WLUK-TV and WCWF-TV
Merger/Acquisition
August 20, 2014
WJCL-TV
 

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