Thursday, December 6, 2007 0 comments ++[ CLICK TO COMMENT ]++

Tribune Lowers Debt in Takeover Plan

With Tribune lowering the amount of debt financing for the LBO, it is one step closer to closing its deal.

Tribune said it has told the lead arrangers of its second-step financing that it intends to use up to $500 million of its cash to cut its bridge loan commitment to $1.6 billion from the original amount of $2.1 billion.

The stock was up 7.8% but is still around 6% below the takeover price of $34. The market still thinks there is a decent chance of everything falling apart.


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