Hubbard Radio launches $80 million add-on term B at Libor plus 350 bps

By Sara Rosenberg

New York, Jan. 10 – Hubbard Radio LLC launched on Thursday its fungible $80 million add-on term loan B (B1) due April 2025 with price talk of Libor plus 350 basis points with a 1% Libor floor and an original issue discount in the 98.5 area, according to a market source.

The add-on term loan has 101 soft call protection for six months and a maximum consolidated leverage ratio of 7 times, with steps, the source said.

Morgan Stanley Senior Funding Inc. is the bookrunner on the deal.

Commitments and consents are due at noon ET on Wednesday, the source added.

Current pricing on the company’s existing term loan B is Libor plus 300 bps with a 1% Libor floor.

Proceeds will be used to finance the acquisition of six radio stations in West Palm Beach, Fla., from Alpha Media.

Hubbard Radio is a St. Paul, Minn.-based broadcasting company.

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