Communications Corp. to launch $197.5 million facility on Thursday

By Sara Rosenberg

New York, April 25 - Communications Corp. of America is set to hold a lender call at 2:30 p.m. ET on Thursday to launch a proposed $197.5 million credit facility, according to a market source.

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

The facility consists of a $5 million five-year revolver, a $157.5 million seven-year first-lien term loan B and a $35 million 10-year second-lien term loan, the source said.

Price talk on the first-lien term loan is Libor plus 650 basis points with a 1.25% Libor floor and an original issue discount in the 98½ area, the source continued.

There is 101 soft call protection for one year on the first-lien term loan.

Proceeds will be used to refinance existing debt.

Expected corporate ratings are B3/B-, the source added.

Communications Corp. of America is a Lafayette, La.-based television broadcasting company focused on operating local stations in small and medium-sized markets.

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