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Emmis Buys Back $69M in Loans at 44% Discount
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Emmis Communications Corp. has reduced its debt by more than $69 million by repurchasing some of its term loans for a little more than half of face value. The Indianapolis Business Journal reports that Emmis amended the terms of its credit agreements last March, so it could spend up to $50 million to buy back debt.
Since April 14, Emmis has paid $38.9 million for loans with a value of $69.3 million -- a 44% discount, according to filings with the SEC. Emmis paid for the loans with profits it reaped when the company sold its TV outlet in New Orleans along with the Local Marketing Agreement (LMA) with Grupo Radio Centro for KMVN-FM/Los Angeles. Grupo Radio Centro is paying $7 million a year, with a $14 million upfront payment for the first two years.
In April, Emmis said unaudited results showed a 20% drop in revenue during its fiscal fourth quarter and it hired a financial adviser to explore restructuring some of its debt. Emmis also borrowed $71 million last month, "primarily for liquidity," said COO Patrick Walsh.
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