Granite Broadcasting flexes $198 million term B to Libor plus 550 bps

By Sara Rosenberg

New York, June 17 - Granite Broadcasting Corp. raised pricing on its $197.5 million term loan B due May 2018 to Libor plus 550 basis points from Libor plus 525 bps, according to a market source.

The loan still has a 1.25% Libor floor, an original issue discount of 99¾ and 101 soft call protection for one year.

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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