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LodgeNet plans $475 million credit facility for purchase of Ascent Entertainment
By Sara Rosenberg
New York, Dec. 13 - LodgeNet Entertainment Corp. plans on getting a new $475 million senior secured credit facility to help fund its acquisition of Ascent Entertainment Group, Inc., according to an 8-K filed with the Securities and Exchange Commission Wednesday.
Bear Stearns and Credit Suisse are the lead banks on the deal.
The facility consists of a $50 million revolver and $425 million in one or more term loans.
LodgeNet is buying Ascent, the owner of On Command Corp., for $380 million from Liberty Media Corp. The purchase price will be paid by the issuance of 2.05 million shares of LodgeNet common stock and $332 million in cash.
The transaction, which is expected to close in mid-2007, is subject to customary closing conditions.
LodgeNet is a Sioux Falls, S.D.-based provider of interactive TV and broadband products to hotels. On Command is a Denver-based provider of interactive media services to hotel rooms.
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