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Raycom Media launches $200 million term loan B at discount of 99
By Sara Rosenberg
New York, May 4 - Raycom Media Inc. launched its $200 million six-year term loan B on Wednesday with an original issue discount of 99, according to a market source.
As was previously reported, the term loan B is being talked at Libor plus 325 basis points with a 1.25% Libor floor.
The company's $700 million credit facility also includes a $200 million five-year revolver and a $300 million five-year term loan A, with both of these tranches talked at Libor plus 275 bps.
Wells Fargo Securities LLC and GE Capital Markets are the lead banks on the deal.
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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