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Media General’s LIN pulls change-of-control offer for 5 7/8% notes
By Susanna Moon
Chicago, Dec. 28 – Media General, Inc. said its LIN Television Corp. subsidiary has withdrawn the change-of-control offer for its 5 7/8% senior notes due 2022 after extending the offer several times.
LIN is withdrawing the offer because it will be unable to meet the condition that a change-of-control purchase date be no later than 60 days after dissemination of the offer, according to a company notice.
LIN said it plans to disseminate a new change-of-control offer “on substantially similar terms” as the one just canceled.
The change-of-control offer had been set to end at 11:59 p.m. ET on Dec. 30, extended from 11:59 p.m. ET on Dec. 21 and, before that, Dec. 14, Dec. 7 and Nov. 30.
Holders had tendered $6.55 million, or 1.64%, of the notes as of Dec. 21.
As previously announced, LIN was offering to buy the notes at 101% of par plus accrued interest.
The offer began on Nov. 1 and was being made as part of Nexstar Broadcasting Group, Inc.’s acquisition of Media General.
Media General is a Richmond, Va.-based television company.
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