ION Media sets spread on $720 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, Dec. 17 - ION Media Networks Inc. finalized pricing on its $720 million seven-year term loan at Libor plus 400 basis points, the wide end of the Libor plus 375 bps to 400 bps talk, according to a market source.

Also, a step-down was added to the term loan to Libor plus 375 bps when net first-lien leverage is less than 3 times and the MFN sunset provision was eliminated, the source said.

The term loan still has a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months.

The company's $795 million credit facility (B1/B+) also includes a $75 million five-year revolver.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt and fund a dividend.

ION is a television broadcast network.

© 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.