Dallas,Texas -- Belo Corp. (NYSE: BLC), one of the nation's largest pure-play, publicly-traded television companies, today announced it successfully completed an amendment to its bank credit facility.
Dunia A. Shive, president and Chief Executive Officer, commented, "Belo was in compliance with the terms of its bank facility, but we proactively entered into this amendment to provide the Company with additional capacity under the agreement's leverage and interest coverage covenants. The strength of our market-leading television stations enabled us to obtain an amendment that provides flexibility to the Company as we manage through the unprecedented volatility of the current economic recession."
The amendment reduces the banks' commitment from $600 million to $550 million and provides for an increase in pricing, based on a leverage grid, in addition to other modifications to the existing agreement. The credit facility retains its June 2011 expiration date. The amendment will be included in its entirety as an exhibit to the Company's Form 10-K, which will be filed later today and posted at www.belo.com under Investor Relations.
About Belo Corp.
Belo Corp. (BLC) is one of the nation's largest pure-play, publicly-traded television companies, with 2008 annual revenue of $733 million. The Company owns and operates 20 television stations (nine in the top 25 markets) and their associated Web sites. Belo stations, which include affiliations with ABC, CBS, NBC, FOX, CW and MyNetwork TV, reach more than 14 percent of U.S. television households in 15 highly-attractive markets. Nearly all Belo stations rank first or second in their local market. Additional information is available at www.belo.com or by contacting Paul Fry, vice president/Investor Relations & Corporate Communications, at 214-977-6835.