Bragg to launch C$1.5 billion credit facility on Wednesday

By Sara Rosenberg

New York, July 5 - Bragg Communications Inc. is scheduled to hold a bank meeting on Wednesday to launch its proposed about C$1.5 billion credit facility, according to a market source.

TD Securities is the bookrunner on the deal, with CIBC and BMO involved as well.

The facility consists of a C$75 million revolver, a C$700 million term loan A and a $675 million U.S. term loan B, the source said, adding that price talk is not yet available.

Proceeds will be used to help fund the acquisition of Persona Communications Corp., a St. John's, Newfoundland, cable operator, from HM Capital Partners, Birch Hill Equity Partners and CIBC Capital Partners.

Bragg Communications is a Halifax, Nova Scotia, media company.

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