Citadel Broadcasting discloses $400 million facility talk, structure

By Sara Rosenberg

New York, Nov. 29 - Citadel Broadcasting Corp. revealed that its proposed credit facility (Baa3/BB+) is sized at $400 million as the deal was launched to investors with a bank meeting at 2 p.m. ET on Monday, according to a market source.

The facility is comprised of a $250 million six-year term loan and a $150 million three-year revolver, the source said.

Price talk on the term loan is Libor plus 350 basis points to 375 bps with a 1% Libor floor and an original issue discount of 991/2, a second source remarked.

JPMorgan is the lead bank on the deal.

Proceeds from the facility, along with $500 million of notes, 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 bps 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.