Granite Broadcasting to launch $265.6 million facility on Tuesday

By Sara Rosenberg

New York, April 23 - Granite Broadcasting Corp. is scheduled to hold a conference call at 2:30 p.m. ET on Tuesday to launch a proposed $265.6 million credit facility, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

The facility consists of a $5 million five-year revolver, a $215 million seven-year first-lien term loan B and a $45.6 million 10-year second-lien term loan, the source said.

Proceeds will be used to refinance existing debt.

Expected corporate ratings are B3/B-, the source added.

Granite Broadcasting is a New York-based television broadcasting company focused on operating local TV, online and mobile properties.

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