Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from [Abi Steiner] – JP Morgan.
[Abi Steiner] – JP Morgan
A couple of things here, just so I understand, when you talk about Q1 pacing the same as you finished Q4 local national, is that the 26% you referenced?
Dunia A. Shive
Yes.
[Abi Steiner] – JP Morgan
Then just directionally, was January worse than December? I know it’s early in February but is that trending worse than January? Any color on that?
Dunia A. Shive
If you look at January for local and national pace versus where we projected to finish, January actually shows just a little bit better in terms of local and national versus December but, it’s not demonstratively different.
[Abi Steiner] – JP Morgan
Can you break out how much of each of the bond issues you bought back in the quarter?
Dunia A. Shive
I’ll let Dennis do that. Most of it was in the 2013.
Dennis A. Williamson
Yes, I think it was only about $10 million of the $42 million or so was of the 2027. Most of it was the 2013.
[Abi Steiner] – JP Morgan
Are there any limitations under the credit agreement today preventing you from buying back more bonds in the open market?
Dennis A. Williamson
No.
[Abi Steiner] – JP Morgan
So effectively as much revolver capacity as you have theoretically you could buy back?
Dennis A. Williamson
Theoretically, yes.
[Abi Steiner] – JP Morgan
I may have missed this if you gave it in the opening remarks but can you give me the revolver balance as it stood at year end and what your availability was?
Dennis A. Williamson
It was a little under $440, it’s less than that now it’s about $430 but it was about $440 at year end.
[Abi Steiner] – JP Morgan
A couple of more and then I promise I’ll pass it on. How should investors think about the cost of any amendment? Do you think it will be a matter of price? Will the bank lenders have to get some sort of guarantees or some combination? Then lastly, on the amendment, what kind of covenant cushion would you guys be looking for? Would you be looking for a full turn, where you think you will trough out this year? With that I’ll let you guys answer and turn it over.
Dennis A. Williamson
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