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Debt

3 Months Ended

Mar. 31, 2012

Note 6 — Debt

We guarantee all of LIN Television’s debt. All of the consolidated 100% owned subsidiaries of LIN Television fully and unconditionally guarantee LIN Television’s senior secured credit facility and 83/8% Senior Notes (the “Senior Notes”), on a joint-and-several basis.

Debt consisted of the following (in thousands):

	March 31, 2012		December 31, 2011
Senior Secured Credit Facility:
Revolving credit loans	$	10,000	$	35,000
$125,000 Term loans, net of discount of $582 and $604 as of March 31, 2012 and December 31, 2011, respectively	124,418		124,396
$259,350 and $260,000 Incremental term loans, net of discount of $2,513 and $2,594 as of March 31, 2012 and December 31, 2011, respectively	256,837		257,406
83/8% Senior Notes due 2018	200,000		200,000
6½% Senior Subordinated Notes due 2013	—		166,773
$85,426 6½% Senior Subordinated Notes due 2013 - Class B, net of discount of $1,228 as of December 31, 2011	—		84,198
Other debt	874		944
Total debt	592,129		868,717
Less current portion	4,437		253,856
Total long-term debt	$	587,692	$	614,861

During the three months ended March 31, 2012 we paid $0.7 million of principal on the incremental term loans related to mandatory quarterly payments under our senior secured credit facility. On January 20, 2012, we completed the redemption of $251.0 million, net of a discount of $1.2 million, of our 6½% Senior Subordinated Notes and 6½% Senior Subordinated Notes — Class B using the proceeds of an incremental term loan funded in December 2011. As a result of this redemption, we recorded a loss on extinguishment of debt of $2.1 million associated with a write-down of deferred financing fees and unamortized discount to our consolidated statement of operations during the three months ended March 31, 2012.

The fair values of our long-term debt are estimated based on Level 2 inputs of the three-level fair value hierarchy, including quoted market prices for the same issues, or based on the current rates offered to us for our debt. The carrying amounts and fair values of our long-term debt were as follows (in thousands):

	March 31, 2012		December 31, 2011
Carrying amount	$	592,129	$	868,717
Fair value	601,771		860,164

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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