Saga completes $120 million credit facility at Libor plus 150-275 bps

By Toni Weeks

San Diego, June 15 - Saga Communications, Inc. completed a new $120 million credit agreement with joint lead arrangers and joint book managers Bank of America, NA and JPMorgan Chase Bank, NA.

Bank of America is the administrative agent, and JPMorgan is the syndication agent.

Huntington National Bank was the documentation agent, and Charter One Bank and Peoples United Bank were part of the group providing the credit facility.

The facility includes a $60 million term loan and a $60 million revolving loan. Saga said its initial draw on the facility was in the amount of $92.1 million and that it intends to reduce the balance by $4.1 million on June 16, leaving a balance of $88 million.

The interest rate for the facility will be Libor plus 150 basis points to 275 bps, depending on the company's leverage ratio. Upon converting to a Libor-based loan on June 16, the initial price will be Libor plus 250 bps, a 50 bps reduction to the rate being paid by Saga on the previous facility.

Saga, a broadcasting company focused on acquiring, developing and operating broadcast properties, is based in Grosse Pointe Farms, Mich.

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