FoxCo Acquisition upsizes term loan B to $515 million

By Sara Rosenberg

New York, June 30 - FoxCo Acquisition Sub LLC increased the size of its term loan B to $515 million from $485 million as its bond offering was downsized to $200 million from $230 million, according to a market source.

Price talk on the term loan B was left unchanged at Libor plus 425 basis points, with a 3% Libor floor through Sept. 30, 2009, stepping up to 3.25% from Oct. 1, 2009 through Sept. 30, 2011, 101 soft call protection for one year and an original issue discount of 97, the source said.

FoxCo's now $565 million credit facility (Ba3/BB-), up from $535 million, also includes a $50 million revolver that is talked at Libor plus 425 bps as well.

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

Proceeds from the credit facility, along with 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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