New Media to launch $225 million credit facility on Thursday

By Sara Rosenberg

New York, April 23 - New Media Investment Group is set to hold a bank meeting at 10 a.m. ET on Thursday to launch a $225 million credit facility, according to a market source.

RBS Citizens and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

The facility consists of a $25 million revolver and a $200 million term loan B, the source said.

The term loan B is talked at Libor plus 500 basis points with a 1% Libor floor, an original issue discount that is still to be determined and 101 soft call protection for six months, the source added.

Proceeds will be used to refinance existing debt.

New Media is a New York-based publisher of locally based print and online media.

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