Primedia to launch $350 million credit facility on Thursday

By Sara Rosenberg

New York, July 11 - Primedia Inc. is scheduled to hold a bank meeting on Thursday to launch its proposed $350 million senior secured credit facility, a company spokesman told Prospect News.

Credit Suisse, Bank of New York, Lehman Brothers and Citigroup are the lead banks on the deal.

The facility consists of a $100 million revolver and a $250 million term loan.

Proceeds from the facility, along with proceeds expected to be received upon the completion of the sale of the company's Enthusiast Media business, will be used to repay existing debt, fund a one-time dividend of about $96 million to shareholders and provide access to additional growth capital.

The deal is expected to close in late July or early August.

Primedia is a New York-based media company.

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