Citadel amends loan, downsizing revolver, changing covenants

By Sara Rosenberg

New York, Dec. 2 - Citadel Broadcasting Corp. amended its credit facility, reducing the revolver size to $150 million from $200 million and revising covenants, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Under the amendment, the consolidated total leverage ratio was modified so that it remains at 8.5:1 through Sept. 30, 2009, reduces from 8.5:1 to 8.25:1 on Dec. 31, 2009, reduces to 7.75:1 on March 31, 2010 and reduces to 7.25:1 on June 30, 2010.

The amendment also changed the definition of consolidated total leverage ratio so that the test is a "gross" test instead of a "net" test.

Furthermore, the amendment added a pro-forma test for each revolver draw.

The amendment was completed on Nov. 26.

JPMorgan is the administrative agent on the deal.

Citadel is a Las Vegas-based radio broadcasting company.

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