Raycom Media to launch $700 million credit facility on Wednesday

By Sara Rosenberg

New York, April 28 - Raycom Media Inc. has scheduled a bank meeting for Wednesday to launch a proposed $700 million credit facility, according to a market source.

Wells Fargo Securities LLC and GE Capital Markets are the lead banks on the deal.

The facility consists of a $200 million five-year revolver, a $300 million five-year term loan A and a $200 million six-year term loan B, the source said.

Price talk on the revolver and term loan A is Libor plus 275 basis points, and price talk on the term loan B is Libor plus 325 bps with a 1.25% Libor floor.

Original issue discount talk on the term loan B will come out at the launch, the source added.

Proceeds will be used to refinance existing debt.

Raycom is a Montgomery, Ala.-based broadcaster and owner and operator of television stations.

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