Star Tribune sets structure on $485 million credit facility ahead of Tuesday launch

By Sara Rosenberg

New York, Jan. 31 - The Star Tribune Co. released structural details on its proposed $485 million credit facility as the deal is getting ready to launch with a bank meeting on Tuesday, according to a market source.

Tranching on the facility will be comprised of a $50 million revolver, a $330 million first-lien term loan B and an about $105 million second-lien term loan, the source said.

Previously, the only details on structure were that there would be a revolver, a first-lien term loan B and a second-lien term loan.

Credit Suisse and RBS Securities are the lead banks on the deal.

Proceeds will be used to help fund Avista Capital Partners' buyout of Star Tribune from The McClatchy Co. for $530 million.

The transaction is expected to close in the first quarter.

The Star Tribune is a Minneapolis-based information provider and includes the Star Tribune newspaper, StarTribune.com and other print and digital products and services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.