Citadel Broadcasting upsizes term loan to $350 million, bonds reduced

By Sara Rosenberg

New York, Dec. 2 - Citadel Broadcasting Corp. increased the size of its six-year term loan to $350 million from $250 million and downsized its bond offering to $400 million from $500 million, according to a market source.

Price talk on the term loan was left unchanged at Libor plus 350 basis points to 375 bps with a 1% Libor floor and an original issue discount of 991/2.

The now $500 million, up from $400 million, credit facility (Baa3/BB+) also includes a $150 million three-year revolver.

JPMorgan is the left lead bank on the deal.

Proceeds from the facility, along with the 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.

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