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German Media Partners launches syndication of €1.25 billion facility
By Sara Rosenberg
New York, June 7 - German Media Partners LP has launched the syndication of a €1.25 billion senior secured credit facility and expects to wrap up the process this month, according to a company news release.
JPMorgan and Deutsche Bank are joint bookrunners on the deal and Lehman Brothers is a lead arranger.
Security is the company's holdings in ProSiebenSat.1 Media AG.
Proceeds from the credit facility will be distributed to the partners of German Media Partners.
German Media Partners holds a 50.5% economic interest in ProSiebenSat.1 and controls 88% of the voting interests in Germany's leading commercial broadcaster. The partnership is comprised of Saban Capital Group Funds, Bain Funds, Hellman & Friedman Funds, Providence Funds, Thomas H. Lee Partners Funds, Putnam Funds, Quadrangle Funds and Alpine Funds.
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