FoxCo Acquisition to launch $715 million term loan on Thursday

By Sara Rosenberg

New York, Sept. 4 - FoxCo Acquisition Sub LLC will hold a bank meeting on Thursday morning to launch a $715 million covenant-light term loan, according to sources.

Deutsche Bank Securities Inc. and UBS Securities LLC are the lead banks on the deal.

Price talk on the term loan is Libor plus 450 basis points to 475 bps with a 1% Libor floor and an original issue discount of 99, sources said.

There is 101 soft call protection for one year.

Proceeds will be used to refinance existing term loan debt and bonds and to fund a dividend payment.

FoxCo is a Fort Wright, Ky.-based owner and operator of television stations.

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