BARRINGTON BROADCASTING ANNOUNCES COMPLETION OF TENDER OFFER FOR ITS 10 1/2% SENIOR SUBORDINATED NOTES DUE 2014
Schaumburg, IL, December 30, 2011 – Barrington Broadcasting Group LLC (“Barrington”) announced today the completion of its previously announced cash tender offer for all of its outstanding 10 ½% Senior Subordinated Notes due 2014 (the “Notes”) and related consent solicitation with respect to certain proposed amendments to the indenture (the “Indenture”) governing the Notes (the “Proposed Amendments”). The tender offer and the related consent solicitation (the “Offer”) expired at 11:59 p.m., New York City time, on December 29, 2011 (the “Expiration Date”).
As previously announced, Barrington received tenders and consents for the Proposed Amendments from the holders of approximately $50,890,000 (approximately 92.63%) aggregate principal amount of the outstanding Notes prior to the early tender deadline of 5:00 p.m., New York City time, on December 13, 2011 (the “Early Tender Deadline”). On the first settlement date, December 14, 2011, Barrington accepted and paid $1,030 per $1,000 principal amount for all such Notes tendered prior to the Early Tender Deadline plus interest on such Notes through but excluding the first settlement date, and on such date, a supplement to the Indenture giving effect to the Proposed Amendments became effective. After the Early Tender Deadline, but prior to the Expiration Date, no additional Notes were tendered. Barrington expects to redeem any and all Notes that remain outstanding after the Expiration Date.
This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The Offer was made pursuant to the Offer to Purchase and Consent Solicitation Statement, dated November 30, 2011, as amended by that certain press release of Barrington entitled “Barrington Broadcasting Amends Tender Offer for Its 10 ½% Senior Subordinated Notes due 2014” and a related Consent and Letter of Transmittal, copies of which were delivered to all noteholders. Persons with questions regarding the Offer should contact the Dealer Manager and Solicitation Agent, BofA Merrill Lynch, at (888) 292-0070 (toll-free) or (646) 855-3401 (collect), or the Information Agent, D.F. King & Co., Inc., at (212) 269-5550 for banks, and brokers and all other calls at toll-free: (800) 488-8095.
arrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States. Barrington currently owns, operates, or supports the operations of twenty four network affiliated television stations. Barrington is owned and controlled by Pilot Group, with management as its partner. Pilot Group is a non-traditional private investment firm founded in 2003 by a group of operating executives who actively help its management partners achieve their goals.
The statements in this press release that are not historical facts are forward-looking statements that are subject to material risks and uncertainties. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors. Such factors include those risks described from time to time in Barrington’s quarterly reports and annual reports which are furnished pursuant to the Indenture dated as of November 11, 2006, by and among Barrington, Barrington Broadcasting Capital Corporation, the guarantors named therein and U.S. Bank National Association, as trustee, as amended, and which are posted on Barrington’s website. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Barrington does not undertake to update any forward-looking statements in this press release or with respect to matters described herein.
For further information, contact:
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
Tel 847 884 1877
Fax 847 755 3045