Saga Communications obtains new five-year $100 million revolver

By Wendy Van Sickle

Columbus, Ohio, Aug. 18 – Saga Communications Inc. entered into a $100 million five-year revolving credit facility on Tuesday, replacing a $120 million facility, according to an 8-K filing with the Securities and Exchange Commission.

Initial interest is Libor plus 100 basis points. The rate ranges from Libor plus 100 bps to 200 bps based on net leverage ratio.

There is a commitment fee ranging from 20 bps to 30 bps with the initial fee at 20 bps, and letters of credit have a participation fee of 25 bps.

J.P. Morgan Securities LLC is the bookrunner and lead arranger, JPMorgan Chase Bank, NA the administrative agent, Huntington National Bank the syndication agent and Citizens Bank, NA the documentation agent.

The revolver matures Aug. 18, 2020.

The facility has a maximum net leverage ratio of 3.5:1 and a fixed charge coverage ratio of not less than 1.15:1. It is secured by a lien against assets of the company and its subsidiaries.

In connection with the new facility, Saga terminated without penalty its $120 million credit facility dated June 13, 2011 with Bank of America, NA as administrative agent.

Saga is a broadcasting company based in Grosse Pointe Farms, Mich.

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