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Media General finalizes term loan B repricing at Libor plus 300 bps
By Sara Rosenberg
New York, June 18 – Media General Inc. firmed the repricing of its $1,666,000,000 covenant-light term loan B due July 2020 at Libor plus 300 basis points, the wide end of the Libor plus 275 bps to 300 bps talk, according to a market source.
The repriced loan still has a 1% Libor floor, a par issue price and 101 soft call protection for six months.
Through this transaction, the company is taking pricing on the term loan down from Libor plus 325 bps with a 1% Libor floor.
RBC Capital Markets LLC is the lead bank on the deal.
Commitments were due at 5 p.m. ET on Thursday.
Media General is a Richmond, Va.-based local television broadcasting and digital media company.
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