Radio One launches $411 million loan via Credit Suisse, Deutsche Bank

By Sara Rosenberg

New York, March 8 - Radio One Inc. launched a $411 million credit facility on Tuesday that is being led by Credit Suisse and Deutsche Bank, according to a market source.

The facility consists of a $25 million four-year revolver (B1) talked at Libor plus 550 basis points and a $386 million five-year term loan B (B2) talked at Libor plus 600 bps with a 1.5% Libor floor, the source said.

Both tranches are being offered at an original issue discount of 99, and the term loan B includes 101 soft call protection for one year.

Proceeds will be used to refinance existing debt.

Commitments are due on March 22.

Radio One is a Lanham, Md.-based urban-oriented multi-media company.

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