DALLAS: Belo announced today it completed the its $275 million offer of senior notes due 2016. The notes were priced last week at 8 percent interest annually due in May and November as of May 15, 2010.
Net proceeds were used to pay down its credit line, which was also amended in the process, reducing Belo’s commitment to $461 million through June 2011 and around $205 million through Dec. 31, 2012.
After several days at around $4.80, shares of Belo (NYSE: BLC) moved above $5 today on a wider surge as the market reacted to strong retail data.
More on Belo:
November 12, 2009: “Belo Offers $275 Million at 8 Percent”
Belo Corp. priced its previously announced offering of $275 million in senior notes due 2016.
November 3, 2009: “Belo Revenues Decline 18 Percent”
Belo’s bottom line for the third quarter was dragged down by a $242 million non-cash impairment charge on the company’s broadcast spectrum licenses.
August 3, 2009: “Belo Reports 2Q in Line with Industry”
Belo said it met analyst estimates with earnings of 10 cents a share for the second quarter, compared to 25 cents last year.
April 30, 2009: “Belo Reports Net Income on Bond Retirement“
Belo’s 20 TV stations reported first-quarter net income of $8.9 million on revenues of $133.5 million, compared to a $15.3 million loss on revenues of $178.8 million in 1Q08.
March 20, 2009: “Belo Declares 2Q Dividend, Suspends the Rest“
Belo Corp. has declared a cash dividend of 75 cents a share payable June 5 to stockholders of record as of May 15. Subsequent dividends will be suspended “indefinitely,” the company said.
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