Alpha Media to launch $285 million first-lien facility on Oct. 21

By Sara Rosenberg

New York, Oct. 14 – Alpha Media is set to hold a bank meeting on Oct. 21 to launch a $285 million first-lien credit facility, according to a market source.

Citizens Bank is the lead on the deal.

The debt consists of a $20 million revolver and a $265 million first-lien term loan, the source said.

In addition, the company is getting a $65 million second-lien term loan that has been privately placed, the source continued.

Included in the term loans is a total leverage covenant.

Proceeds will be used to fund the acquisition of radio stations from Digity LLC

Closing is subject to approval by the Federal Communications Commission and the Department of Justice.

Alpha Media is a Portland, Ore.-based radio broadcast media company.

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