Citadel Broadcasting readies launch of new credit facility for Monday

By Sara Rosenberg

New York, Nov. 24 - Citadel Broadcasting Corp. is scheduled to hold a bank meeting at 2 p.m. ET on Monday to launch a proposed credit facility, according to a market source.

JPMorgan is the lead bank on the deal.

Details on structure are not yet available, the source added.

Proceeds will be used to refinance existing bank debt.

In June, the company emerged from Chapter 11 with a $762.5 million term loan led by JPMorgan that is priced at Libor plus 800 basis points with a 3% Libor floor. The loan includes call protection of 105 in year one and 102 in year two against optional repayments.

Citadel is a Las Vegas-based radio company.

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