Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

Lin Broadcasting Corporation Deal - Lehman Brothers Collection

Lin Broadcasting Corporation

Company Dealspecial meeting of stockholders in lieu of annual meeting; $10,000,000 5 1/2% convertible subordinated debentures due October 1, 1992; 413,000 shares of common stock ($1 par value); purchase of telephone answering services; purchase of stations KILT-AM and KOST-FM; purchase of station WAVY-TV; sale of station WMAK-AM
Transaction TypeConvertible Subordinated Debentures / Common Stock
Deal DescriptionLin Broadcasting Corporation used a portion of the proceeds to make the initial payments required in connection with the purchase of AM and FM radio stations in Houston, Texas, and the FM radio station in Louisville, Kentucky. Another portion of the proceeds was applied to the purchase of the television station in Portsmouth, Virginia. Another portion was used to make the down payments in connection with the purchase of telephone answering services. An additional portion was used to repay short-term bank borrowings, which were incurred to finance the purchase of RTV Sales, Inc., to finance the down payment of the purchase price of the television station, to finance the cash portion of the purchase price of AM and FM radio stations, and for working working capital and construction purposes. The balance of the proceeds was used for general corporate purposes.
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