Question-and-Answer Session
Operator
Thank you, sir. (Operator Instructions) Our first question comes from the line of Bishop Cheen with Wachovia. Please proceed with your question.
Bishop Cheen – Wachovia
Hi, Perry, Matt, thanks for taking the question. Just some housekeeping questions; let me just billboard them, not many. A little more color on cost reduction and remind us again what is left on the M&A, the two stations, how much cash you will need to the outlaying and on the Q1 buyback of mostly the 11.375%, that was a phase for the $29 million, how much did you spend in Q1 for those buybacks?
Matt Devine
Hi, Bishop, this is Matt. Thanks for the question. Let me start off with the Q1 buyback. We expended a little under $10 million to buy in a little under $30 million of our outstanding securities, all but $1 million of that was the 11.375% notes. And so, if you calculate that, that comes down to something around $0.35 on the dollar that we bought in note securities. The question right before that I think addressed our pipeline acquisitions?
Bishop Cheen – Wachovia
WCWJ.
Matt Devine
That is correct and in the case of KARZ, our second Little Rock station, that purchase price is a little over $3 million and we have got an escrow deposit up there. We already have several hundred thousand dollars and we actually expect to close on that station next week, Bishop and we think that is going to be a great acquisition for us. It comes to us at a multiple that we believe is less than five turns and so we're excited about getting that in the portfolio expeditiously. The second one is WCWJ in Jacksonville, Florida. We're planning on that closing on around June 30, July 1 and that is a station similar to the KARZ from the point of view that we will pay a number of between 16 and 16.5 for that property and the believe the cash flow that comes in on a pro forma basis to us will be a number of somewhere around $3.5 million. And so we will fund both of those transactions, the smaller transaction equity just out of cash on hand and the second transaction, if we need to draw on our revolver, we will, but that draw shouldn't be significant. And then the other item?
Bishop Cheen – Wachovia
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