February 16, 2010 (FinancialWire) — Media General (NYSE: MEG) said it has amended its existing credit facilities and completed a private placement sale of of senior notes.

Following the transactions, the company has in place with its syndicate of banks a $400 million term loan that is fully drawn and a $70 million revolving credit line with approximately $6 million drawn.

Also outstanding are 11.75% senior notes with a par value of $300 million issued at a discount, which mature in 2017. The amended credit facility matures in March 2013 and bears an interest rate of LIBOR plus a margin based on the company’s leverage ratio, as defined in the agreement.

Media General said that the facility covenants have been amended to reflect the current operating environment and position the company to emerge from the economic downturn.

The company said its total debt outstanding is around $700 million. The company said it expects interest expense in 2010 to around $72 million, which includes around $6 million of new and existing debt issuance costs to be expensed immediately.

Excluding this $6 million, the all-in interest rate in 2010 around 8.5%.

Virginia-based Media General is a provider of news, information and entertainment across multiple media platforms, serving consumers and advertisers in local markets, primarily in the Southeastern United States.

The company’s operations include 18 network-affiliated television stations and their associated web sites, three metropolitan and 20 community newspapers and their associated web sites, and more than 200 specialty publications that include weekly newspapers and niche publications targeted to various demographic, geographic and topical communities of interest.

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