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Granite Broadcasting talks $198 million term B at Libor plus 525 bps
By Sara Rosenberg
New York, June 5 - Granite Broadcasting Corp. scheduled a call at 1:30 p.m. ET on Wednesday to launch a $197.9 million term loan B due May 2018 that was talked at Libor plus 525 basis points with a 1.25% Libor floor and an original issue discount of 993/4, according to a market source.
The B loan has 101 soft call protection for one year, the source said.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to refinance an existing term loan B due May 2018 that is priced at Libor plus 725 bps with a 1.25% Libor floor.
Granite Broadcasting is a New York-based television broadcasting company focused on operating local TV, online and mobile properties.
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