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Courtside Acquisition revised $140 million credit facility expected late May/June
By Sara Rosenberg
New York, May 3 - Courtside Acquisition's $140 million senior secured credit facility, which was upsized from an originally planned $115 million, is expected to launch sometime in the late May/June timeframe, according to a market source.
BMO Capital Markets is the lead arranger and bookrunner on the deal.
Proceeds from the credit facility will be used to fund the acquisition of American Community Newspapers LLC from Spire Capital Partners, LP, Wachovia Capital Partners and senior management for about $204 million.
This acquisition agreement was recently revised to up the purchase price from $165 million because of American Community's recent purchase of the publishing and printing assets of C.M. Media, Inc.
Following the closing of the transaction, expected in the second quarter, Courtside will be renamed American Community Newspapers Inc.
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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