LIN TV expects to start roadshow Thursday for $175 million 10-year notes

By Paul A. Harris

St. Louis, Sept. 21 - LIN TV Corp. subsidiary LIN Television Corp. expects to begin a brief roadshow on Thursday for a $175 million offering of 10-year senior subordinated notes, according to the company's chief financial officer, Vincent L. Sadusky.

The deal will likely price early next week, Sadusky added.

JP Morgan, Goldman Sachs & Co. and Deutsche Bank Securities are joint bookrunners for the Rule 144A/Regulation S notes.

The notes will have five years of call protection.

Proceeds from the notes will be used as part of a two-stage financing for LIN TV's acquisition of five television stations, Sadusky said.

LIN will use the proceeds from the bond sale to pay a portion of its existing credit facility, following which it plans to obtain an amended and restated credit facility that the company will draw upon to finance the acquisition.

The acquisition is expected to close during the fourth quarter of 2005 or the first quarter of 2006, Sadusky said.

The LIN CFO added that he expects the interest rate on the new notes to come approximately on top of where the company's $375 million of existing 6½% senior subordinated notes due May 15, 2013 are trading, which is in the mid-7% range. The company priced $200 million of the B1/B rated notes in early May 2003 and did a $175 million tap of the issue in January 2005.

LIN TV is a Providence, R.I.-based television owner and operator.

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