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Granite Broadcasting hopes to refinance loan but looks to asset, equity sales if needed
By Sara Rosenberg
New York, Nov. 12 - Granite Broadcasting Corp. is looking into refinancing its senior bank debt prior to the April 14 maturity date. However, just in case the refinancing attempt proves unsuccessful, the company also is considering selling some assets and, if necessary, will explore selling equity, according to a filing with the Securities and Exchange Commission.
The New York broadcasting company's existing facility consists of a $60 million term loan A, an $80 million term loan B and an uncommitted $10 million supplemental term loan C facility.
The entire amount of both the term loan A and term loan B tranches are currently outstanding, following an Oct. 30 $25 million drawdown under the term loan A.
Interest on the term loan A is the greater of 6.5% or Libor plus 450 basis points, while interest on the B loan is the greater of 11% or Libor plus 900 basis points.
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