Media General amends facility to change total net leverage covenant

By Jennifer Chiou

New York, Jan. 27 – MGOC, Inc. (formerly Media General, Inc.) entered into on Jan. 22 an amendment to its credit agreement with Royal Bank of Canada as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment changed the financial covenant relating to the consolidated total net leverage ratio so that, effective as of the closing date of the business combination by Media General with LIN Media LLC, it will only apply to the revolving credit facility and shall be in effect only when the aggregate amount of letters of credit and/or revolving credit loans outstanding exceeds 30% of the commitments on the last day of any fiscal quarter or fiscal year.

LIN Television Corp. is also a borrower under the credit agreement.

Media General is a Richmond, Va.-based local television broadcasting and digital media company.

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