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Hollinger International seeking amended syndicated credit facility
By Sara Rosenberg
New York, Oct. 10 - Hollinger International Inc. is looking to obtain a new amended syndicated credit facility as part of its comprehensive financing initiative, according to a news release. Wachovia Securities will be lead arranger and bookrunner on the loan.
In July, the Chicago publishing company launched a $350 million senior secured credit facility. TD Securities and Barclays Capital were co-lead arrangers and Wachovia was the syndication agent. The loan consisted of a $50 million six-year revolver with an interest rate of Libor plus 275 basis points, a $50 million six-year term loan A with an interest rate of Libor plus 275 basis points and a $250 million seven-year term loan B with an interest rate of Libor plus 300 basis points. Proceeds were going to be used to repay some outstanding high yield bonds.
When questioned whether the amended facility's size, pricing and structure would vary from the initial proposed loan, the syndicate said that details were not currently being revealed at this point. Calls to the company were not immediately returned.
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