Alpha Media launches first-lien term loan at Libor plus 475-500 bps

By Sara Rosenberg

New York, Oct. 21 – Alpha Media launched on Wednesday its $265 million first-lien term loan (B1/B) with price talk of Libor plus 475 basis points to 500 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months, the source said.

Commitments are due on Nov. 4.

The company’s $350 million credit facility also includes a $20 million revolver (B1/B) and a $65 million second-lien term loan that has been privately placed.

Included in the term loans is a total leverage covenant.

Citizens Bank is the lead on the deal.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.