Bull Run extends credit facility to June 28, receives waiver

New York, April 8 - Bull Run Corp. obtained an extension of its bank credit facility to June 28, 2002 from March 29, 2002 and received a waiver of defaults.

The Atlanta, Ga. company also said in a filing with the Securities and Exchange Commission that it believes it will reach an acceptable agreement with its bank lenders on terms of a long-term refinancing of the credit facility before its new maturity date.

However the company reiterated a previous warning that a long-term refinancing may involve a "significant reduction" in the total amount of financing available.

But Bull Run said it can achieve the necessary reduction with a time-frame acceptable to its lenders. It noted it had cut bank term debt by more than $20 million in the current fiscal year by selling investment assets and issuing new equity to "affiliated parties."

Bull Run's credit facility is with Bank Of America, NA and Bank One, Kentucky, NA, as issuing banks, Wachovia Bank, NA as syndication agent and Bank Of America, NA as administrative agent.

The amendment, the fifth to the credit facility, required Bull Run to pay a five basis points amendment fee.

Defaults under the facility that have been waived are failure to deliver financial statements by March 15, 2002 as specified - although Bull Run has subsequently produced the required information - failure to meet the minimum adjusted EBITDA (earnings before interest, taxation, depreciation and amortization) level for the period ending March 31, 2002 and failure to achieve the required level of net worth.

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