American Lawyer Media to get new $344.5 million credit facility

By Sara Rosenberg

New York, Jan. 31 - American Lawyer Media Holdings Inc. has signed a commitment letter for a new $344.5 million credit facility, according to an 8-K filed with the Securities and Exchange Commission Monday.

Credit Suisse First Boston, UBS and General Electric Capital Corp. are the lead banks on the deal.

The facility consists of a $196 million five-year first-lien term loan, a $70 million five-year revolver and a $78.5 million six-year second-lien term loan, the filing said.

Proceeds from the credit facility will be used to refinance an existing credit facility maintained by The New York Law Publishing Co., a wholly owned subsidiary of the company, under which there is about $26.5 million outstanding, finance the tender offer and consent solicitation for the company's $175 million 9¾% senior notes due 2007, help retire all approximately $80 million of 12¼% senior discount notes due 2008 and for general corporate purposes.

Closing on the credit facility is expected to occur in late February.

American Lawyer Media is a New York-based integrated media company, focused on the legal and business communities.

© 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.