Tribune Company Announces Proposed Debt Offering by Tribune Publishing Company

13 Jun Tribune Company Announces Proposed Debt Offering by Tribune Publishing Company

Tribune Company (the “Company”; OTC:TRBAA) and Tribune Publishing Company (“Tribune Publishing”) today announced that, in connection with the Company’s previously announced intention to separate Tribune Publishing from the Company, Tribune Publishing plans to raise $350 million of debt by entering into a Senior Secured Term Loan facility. Tribune Publishing is also arranging a $140 million asset-based revolving credit facility. Tribune Company will not be a guarantor or otherwise provide credit support for the term loan facility or the revolving credit facility.

The Company anticipates the separation of Tribune Publishing to occur within the third quarter of 2014. Tribune Publishing will use a portion of the expected net proceeds from the term loan financing to pay a special cash dividend to Tribune Company, upon separation, of up to $275 million, which will be used to repay debt at Tribune Company.

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TRIBUNE MEDIA COMPANY is home to a diverse portfolio of television and digital properties driven by quality news, entertainment and sports programming. TRIBUNE MEDIA is comprised of Tribune Broadcasting’s 42 owned or operated local television stations reaching 50 million households, national entertainment network WGN America, available in 72 million households, Tribune Studios, and Tribune Digital Ventures, including the websites Zap2it and TVByTheNumbers, and Gracenote, one of the world’s leading sources of TV and music metadata powering electronic program guides in televisions, automobiles and mobile devices. TRIBUNE MEDIA also includes Chicago’s WGN-AM, the national multicast networks Antenna TV and THIS TV. Additionally, the company owns and manages a significant number of real estate properties across the U.S. and holds other strategic investments in media.