Under a separate credit agreement, Berkshire Hathaway will provide Media General with a $400 million term loan and a $45 million revolving credit line. The company said the new loan will be used to fully repay the company's existing bank debt due March 2013 and will mature in May 2020. In conjunction with this, Media General will issue Berkshire Hathaway penny warrants for approximately 4.6 million Class A shares, which represents 19.9 percent of Media General's existing shares outstanding. In addition, Berkshire Hathaway has the option to nominate a director to Media General's board of directors.