Spanish Broadcasting asks for $25 million revolver draw, gets $15 million

By Sara Rosenberg

New York, Oct. 10 - Spanish Broadcasting System Inc. requested to draw down its $25 million revolving credit facility in full but only received $15 million, according to an 8-K filed with the Securities and Exchange Commission Friday.

The company said it could not get all the borrowings since Lehman Commercial Paper Inc. did not fund its $10 million commitment due to its bankruptcy filing.

Lehman is the administrative agent on the deal.

The drawdown request was made on Oct. 3 and the funds were received on Oct. 8.

Proceeds will be used, with other funds, to repay the company's $18.5 million non-interest bearing secured promissory note due on Jan. 6, 2009.

Spanish Broadcasting is a Coconut Grove, Fla.-based Hispanic-controlled media and entertainment company.

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