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Freedom Communications seeks $1 billion refinancing credit facility
By Sara Rosenberg
New York, April 15 - Freedom Communications Inc. is in-market with a $1 billion credit facility that would be used to refinance its existing debt, according to a market source.
JPMorgan and Wachovia are the lead banks on the deal.
The facility, which launched via a conference call on Thursday, consists of a $300 million revolving credit facility, a $350 million term loan A and a $350 million term loan B, the source said.
Pricing on the revolver and term loan A is based on a grid starting at Libor plus 87.5 basis points.
Pricing on the term loan B is Libor plus 150 basis points with a step down to Libor plus 125 basis points under certain conditions, the source added.
Freedom Communications is an Irvine, Calif., diversified media company.
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