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Cox Media cuts spread on $2.2 billion term B to Libor plus 350 bps
By Sara Rosenberg
New York, Jan. 27 – Cox Media Group reduced pricing on its $2.2 billion term loan B due December 2026 to Libor plus 350 basis points from Libor plus 375 bps, according to a market source.
The term loan still has a 0% Libor floor, a par issue price and 101 soft call protection for six months.
RBC Capital Markets is the lead on the deal.
Proceeds will be used to combine an existing $2.01 billion term loan B and an existing $150 million term loan B-1 into one tranche and reprice the debt down from Libor plus 425 bps with a 0% Libor floor.
Cox Media is an Atlanta-based broadcasting, publishing, direct marketing and digital media company.
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