Courtside Acquisition plans $115 million credit facility

By Sara Rosenberg

New York, Jan. 25 - Courtside Acquisition has received a commitment for a new $115 million senior secured credit facility, according to an 8-K filed with the Securities and Exchange Commission Thursday.

BMO Capital Markets is the lead arranger and bookrunner on the deal.

Proceeds from the credit facility, along with $12.7 million of senior notes, will be used to fund the acquisition of American Community Newspapers LLC from Spire Capital Partners, LP, Wachovia Capital Partners and senior management for $165 million, and for general corporate purposes.

Following the closing of the transaction, expected in the second quarter, Courtside will be renamed American Community Newspapers Inc.

American Community Newspapers is a group of 73 publications, comprised of 60 weekly suburban newspapers, three daily newspapers and 10 niche publications.

New York-based Courtside Acquisition was formed on March 18, 2005 as a vehicle to effect a business combination with an operating business principally in the entertainment, media and communications industries.

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