Granite Broadcasting talks $215 million term B at Libor plus 650 bps

By Sara Rosenberg

New York, April 24 - Granite Broadcasting Corp. launched a $215 million seven-year first-lien term loan B (B2/B) on Tuesday with talk of Libor plus 650 basis points with a 1.25% Libor floor and an original issue discount in the 98½ area, according to a market source.

The B loan has 101 soft call protection for one year, the source said.

The company's $265.6 million credit facility also includes a $5 million five-year revolver (B2/B) and a $45.6 million 10-year second-lien term loan.

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

Proceeds will go toward refinancing existing debt.

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

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