LBI Media gets approval for amendment to permit note exchange offers

By Sara Rosenberg

New York, Nov. 26 - LBI Media Inc. received lender approval of an amendment to its credit facility that allows for exchange offers for its notes and would reduce the revolver leverage ratio to 3 times from 3.5 times, according to an 8-K filed with the Securities and Exchange Commission on Monday.

In addition, the amendment would reduce debt, lien, investment, asset sale and restricted payment baskets; and would add certain real property collateral as security for the loan.

Credit Suisse is the administrative agent on the deal.

The amendment will become effective when the exchange offers are completed.

LBI is a Burbank, Calif.-based owner and operator of Spanish-language radio and television stations.

© 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.