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Hubbard Broadcasting to launch $405 million credit facility Thursday
By Sara Rosenberg
New York, March 23 - Hubbard Broadcasting Inc. has scheduled a bank meeting for Thursday at 10:30 a.m. ET at the Le Parker Meridien in New York to launch a proposed $405 million credit facility, according to a market source.
Morgan Stanley and Goldman Sachs are the lead banks on the deal, with Morgan Stanley the left lead.
The facility consists of a $10 million five-year revolver, a $255 million six-year first-lien term loan and a $140 million seven-year second-lien term loan, the source said.
Proceeds will be used to help fund the acquisition of 17 radio stations from Bonneville International Corp.
The acquisition, which is valued at about $505 million, is expected to be completed upon FCC approval and other customary conditions.
Hubbard Broadcasting is a St. Paul, Minn.-based television and radio broadcasting company.
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