Raycom launches $400 million term loan B at Libor plus 275 bps

By Sara Rosenberg

New York, July 31 – Raycom Media Inc. launched on Monday its $400 million term loan B with price talk of Libor plus 275 basis points with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan B includes 101 soft call protection for six months and secured net leverage, total net leverage and interest coverage covenants.

Wells Fargo Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

Commitments are due on Aug. 14.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.