LIN TV Corp.'s Subsidiary Completes Sale of 6 1/2% Senior Subordinated Notes and 2.50% Exchangeable Senior Subordinated Debenture.Business Editors PROVIDENCE, R.I.--(BUSINESS WIRE)--May 12, 2003 Calls Outstanding 8 3/8% Senior Subordinated Notes for Redemption LIN TV LIN TV Corporation is an American holding company that operates 31 television stations. History LIN TV's roots trace back to the founding of its former parent, LIN Broadcasting Corporation, in the mid 1960s. Corp. (NYSE NYSE See: New York Stock Exchange : TVL TVL Travel TVL TV Lines (resolution) TVL Transvaal TVL The Vampire Lestat (Anne Rice) TVL TV Land (television station) TVL Tenth-Value Layer ) today announced that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. LIN Television Corporation completed its sale of $200 million aggregate principal amount of 6 1/2% Senior Subordinated Notes due 2013 ("Notes") and $100 million aggregate principal amount of 2.50% Exchangeable Senior Subordinated Debentures due 2033 ("Debentures") in previously announced private placements. The Debentures are exchangeable for shares of LIN TV Corp. class A common stock. In addition, LIN Television granted the initial purchasers of the Debentures an option to purchase up to an additional $25 million aggregate principal amount of the Debentures. LIN Television also initiated a call for redemption of all of its $300 million outstanding aggregate principal amount of 8 3/8% Senior Subordinated Notes due 2008. The redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. has been set at June 15, 2003. Notices of redemption will be mailed to holders of the 8 3/8% Senior Subordinated Notes on May 16, 2003. The proceeds from the sale of the Notes and the Debentures will be used towards this redemption. None of the Notes, the Debentures nor the LIN TV Corp. shares of class A common stock issuable upon exchange of the Debentures have been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. or any state absent registration or an applicable exemption from registration requirements. |
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