Granite Broadcasting flexes $215 million term B to Libor plus 725 bps

By Sara Rosenberg

New York, May 16 - Granite Broadcasting Corp. raised pricing on its $215 million first-lien term loan B (B2/B) to Libor plus 725 basis points from Libor plus 650 bps, according to a market source.

Also, the original issue discount on the loan widened to 97½ from the 98½ area, the source said.

And, the term loan B now has hard call protection of 102 in year one and 101 in year two, as opposed to having 101 soft call protection for one year.

Furthermore, the tenor of the loan was shortened to six years from seven years, the source continued.

The 1.25% Libor floor was left unchanged.

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.

Recommitments are due at noon ET on Friday.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.