There will be no further extensions of Media General subsidiary LIN Television Corp.‘s change of control offer to purchase for cash any and all of its outstanding 5.875% Senior Notes due 2022.
That’s because LIN has withdrawn the offer, after a series of extensions made necessary by the still-ongoing Broadcast Spectrum Incentive Auction, which has put a delay on FCC approval of Nexstar Broadcasting Group’s merger with Media General.
The latest extension of the change of control offer was set to expire at 11:59 p.m. Eastern on Dec. 30.
The Notes were issued by LIN at a purchase price of 101% of the principal amount of the Notes, plus any applicable accrued and unpaid interest, with the Jan. 27 merger announcement between Nexstar Broadcasting Group and Media General.
LIN explains that it is withdrawing the offer solely for one reason: Time has run out, as the purchase date may not be later than 60 days following the date of dissemination of a change of control offer.
LIN now plans to do it all over again, by disseminating to holders of the notes a new change of control offer to purchase “on substantially similar terms” as the now-withdrawn change of control offer.
The change of control offer was first extended on Nov. 30, to Dec. 7. It then received subsequent extensions as Nexstar unsuccessfully lobbied the FCC to grant it a waiver to complete its merger with Media General prior to the end of the incentive auction.
The Notes were issued by LIN at a purchase price of 101% of the principal amount of the Notes, plus any applicable accrued and unpaid interest, with the Jan. 27 merger announcement between Nexstar and Media General.
Round 23 of Stage 4 of the FCC’s Reverse Auction is set for 10 a.m. Tuesday (1/3).