Tribune Media To Start Private Offering Of $1 Bln Of Senior Unsecured Notes

(RTTNews) - Tribune Media Co. (TRCO) announced its intention to commence a private offering of $1 billion aggregate principal amount of senior unsecured notes to be issued in one or more series. There can be no assurance that the proposed offering of Notes will be completed.

The company said it intends to use the net proceeds from the sale of the Notes to repay a portion of its borrowings under its existing term loan facility. In connection with such repayment, the company expects to enter into an amendment to its existing term loan facility to, among other things, reduce the pricing of the loans made under such term loan facility and amend certain covenants, as applicable, to be consistent with the terms of the Notes.

The Notes will be unsecured senior indebtedness and will rank equally in right of payment with all of the company's existing and future senior indebtedness and senior in right of payment to all of its future subordinated obligations.