Debt

6 Months Ended

Jun. 30, 2012

Debt

Debt

Note 5 — 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):

	June 30, 2012		December 31, 2011
Senior Secured Credit Facility:
Revolving credit loans	$	10,000	$	35,000
$125,000 Term loans, net of discount of $556 and $604 as of June 30, 2012 and December 31, 2011, respectively	124,444		124,396
$258,700 and $260,000 Incremental term loans, net of discount of $2,420 and $2,594 as of June 30, 2012 and December 31, 2011, respectively	256,280		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	800		944
Total debt	591,524		868,717
Less current portion	5,989		253,856
Total long-term debt	$	585,535	$	614,861

During the three and six months ended June 30, 2012, we paid $0.7 million and $1.3 million, respectively, 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 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 and cash on hand.  As a result of this redemption, we recorded a loss on extinguishment of debt of $2.1 million to our consolidated statement of operations during the six months ended June 30, 2012, associated with a write-down of deferred financing fees and unamortized discount.

During the six months ended June 30, 2011, we paid the remaining balance of $9.6 million on our term loans under our 2009 senior secured credit facility, which we terminated on October 26, 2011 concurrent with the entry into our new senior secured credit facility.  Additionally, under our 2009 senior secured credit facility, our available revolving credit commitments decreased from $76.1 million to $48.7 million, based on a computation of excess cash flow for the fiscal year ended December 31, 2010.  As a result, we recorded a loss on extinguishment of debt of $0.2 million to our consolidated statements of operations during the six months ended June 30, 2011, consisting of a write-down of deferred financing fees related to the revolving credit facility and term loans.

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):

	June 30,2012		December 31,2011
Carrying amount	$	591,524	$	868,717
Fair value	597,165		860,164