Harron Communications to close on $500 million credit facility next week

By Sara Rosenberg

New York, Oct. 2 - Harron Communications LP expects to close on its new $500 million credit facility sometime next week, according to a market source.

SunTrust is the lead bank on the deal.

The facility consists of a $75 million revolver priced at Libor plus 225 basis points, a $300 million term loan A priced at Libor plus 225 bps and a $125 million term loan B priced at Libor plus 275 bps, the source said.

The revolver, term loan A and term loan B were sold as a strip to banks and ended up oversubscribed.

Leverage is in excess of 6.0 times.

Proceeds will be used to refinance existing debt and fund acquisition opportunities that represent about 60,000 cable subscribers.

Although closing will take place soon, funding will be delayed pending regulatory approval for the acquisitions.

Harron is a Frazer, Pa.-based cable television company.

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