Fox Acquisition to launch $535 million credit facility on Tuesday

By Sara Rosenberg

New York, June 19 - Fox Acquisition Sub LLC is scheduled to hold a bank meeting on Tuesday to launch its proposed $535 million credit facility, according to a market source.

Deutsche Bank, UBS Securities, Bank of America and BNP Paribas are the lead banks on the deal, with Deutsche the left lead.

The facility consists of a $50 million revolver and a $485 million term loan, the source said.

Proceeds from the credit facility, along with $230 million of senior notes, will be used to help fund Oak Hill Capital Partners' acquisition of eight FOX network affiliated television stations from News Corp. for about $1.1 billion in cash.

The stations include WJW in Cleveland, KDVR in Denver, KTVI in St. Louis, WDAF in Kansas City, Mo., WITI in Milwaukee, KSTU in Salt Lake City, WBRC in Birmingham, Ala., and WGHP in Greensboro, N.C.

The transaction is expected to be completed in the third quarter.

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