LIN Television gets $265 million bridge loan commitment from JPMorgan

By Sara Rosenberg

New York, May 7 - LIN Television Corp. has received a commitment for a $265 million senior unsecured bridge loan facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

J.P. Morgan Securities LLC is leading the financing.

Initial pricing on the bridge loan is Libor plus 650 basis points.

Proceeds, along with a revolver draw, will be used to fund the purchase of broadcast and other related assets for 13 network affiliates owned by New Vision Television for $330.4 million and the assumption of $12 million of debt.

Closing is expected in late 2012, subject to regulatory approval and other conditions including the approval of the Federal Communications Commission and clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

LIN Television is a Providence, R.I.-based local television and digital media company.

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