Oak Hill taps four banks to lead debt financing for purchase of eight television stations

By Sara Rosenberg

New York, Dec. 24 - Oak Hill Capital Partners has received a debt financing commitment from four banks to help fund its acquisition of eight television stations from News Corp., according to a news release.

The lead banks are Deutsche Bank, UBS Securities, Bank of America and BNP Paribas.

Under the agreement, Oak Hill is buying the stations for $1.1 billion in cash.

The stations include: KDVR in Denver, KSTU in Salt Lake City, KTVI in St. Louis, WBRC in Birmingham, Ala., WDAF in Kansas City, Mo., WGHP in Greensboro, N.C., WITI in Milwaukee and WJW in Cleveland.

The transaction is expected to close in the third quarter of 2008, subject to regulatory and other customary approvals.

This portfolio will be jointly managed by Covington, Ky.-based Local TV LLC, the television platform Oak Hill created earlier this year to acquire nine stations from the New York Times Co.

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