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Radio One widens original issue discount on $386 million term B to 98
By Sara Rosenberg
New York, March 23 - Radio One Inc. increased the original issue discount on its $386 million five-year term loan B (B2/B) to 98 from 99, according to a market source.
In addition, call protection on the term loan was changed to 103 in year one, 102 in years two and three and 101 in year four, from just 101 soft call protection for one year, the source said.
Pricing on the term loan was left unchanged at Libor plus 600 basis points with a 1.5% Libor floor.
The company's $411 million credit facility also includes a $25 million four-year revolver (B1/B+) priced at Libor plus 550 bps.
Credit Suisse and Deutsche Bank are the lead banks on the deal.
Proceeds will be used to refinance existing debt.
Radio One is a Lanham, Md.-based urban-oriented multi-media company.
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