LBI Media $260 million credit facility to launch Thursday

By Sara Rosenberg

New York, March 13 - LBI Media Inc. is scheduled to hold a bank meeting on Thursday afternoon in New York City to launch its proposed $260 million senior secured credit facility, according to a market source.

Credit Suisse is the lead bank on the deal.

The facility consists of a $150 million six-year revolver talked at Libor plus 150 basis points and a $110 million six-year, covenant-light term loan talked at Libor plus 150 to 175 bps, the source said.

Proceeds will be used to refinance the company's existing $220 million senior secured revolver and to fund capital expenditures, permitted acquisitions, working capital, closing costs and other general corporate purposes.

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

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