March 20 (Reuters) - Publisher Media General Inc amended its credit agreement, allowing for the extension of the maturity date of a $363 million debt facility in return for a partial repayment.
Under the agreement, the debt-laden company will have to sell new debt to raise at least $225 million by May 25, it said in a statement.
Of this, a minimum of $190 million will be used to pay down the outstanding term loan.
Last month, the publisher of the Tampa Tribune and the Winston-Salem Journal, had said it was in talks with its lender group to postpone the maturity of the facility until next year and was exploring a sale of its newspaper operations.
The company had $658 million of long-term debt at the end of 2011.