Question-and-Answer Session
Operator
(Operator Instructions). Our first question comes from Michael Meltz - J.P. Morgan.
Michael Meltz - J.P. Morgan
I think I have three questions for you. Can you give us the balance, I apologize if I missed it here. What was the existing borrowings on the revolver at quarter end and then per the grid what are you paying currently?
Dennis A. Williamson
The total drawn on the revolver was about $420 million at quarter end and I think we are paying LIBOR plus 4.50 I believe or it might be 4.25.
Michael Meltz - J.P. Morgan
In terms of what you’re seeing in the fourth quarter, can you just clarify, your saying you expect to be down less than 16% at the end of the third quarter, is that the right comparison?
Dunia A. Shive
Yes. Local and national stock, we were excluding political in those comparisons.
Michael Meltz - J.P. Morgan
And you are saying you are flat in October. So can you tighten that up a little bit and give us a sense as to where you’re actually pacing currently perhaps or some other - just between 0 and down 16 and how should I be thinking about it?
Dunia A. Shive
We didn’t provide any further guidance. With October being flat, even though there was some crowd out from political last year, I think you can take that as a positive sign of the fact that we’ve had sequential improvement every month since May.
I would also take as a positive that we did not provide any guidance between that range obviously we expect the quarter as a whole to improve with October being flat.
Michael Meltz - J.P. Morgan
It appears to say November is not flat?
Dunia A. Shive
I think it's honestly too soon to give any projections on November, a lot of business is being written inside the month. We are taking reports everyday and I see some pick up in the pacing everyday.
So it's difficult to project that so much business is written within the months, it's hard to get a good gauge at this point. We feel good about the trends we're seeing Michael.
Michael Meltz - J.P. Morgan
It looks this might just be a rounding issue, was retrans down sequentially?
Dennis A. Williamson
No.
Michael Meltz - J.P. Morgan
It wasn't okay.
Dennis A. Williamson
From second to third?
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