TV station group Pappas Telecasting Cos. has successfully borrowed $102.5 million from institutional investors.
It is using the money to help pay for its purchase of KFRE-TV Fresno, to refinance some debt, and to provide cash for general corporate purposes. It will pay an average interest rate of 6.38%.
Pappas has been operating KFRE-TV as an LMA for the past three years. Since Pappas already owns KMPH-TV there, the move turns a virtual duopoly into the real thing.