Raycom lifts term loan B to $600 million, tightens OID to 99.75

By Sara Rosenberg

New York, Aug. 15 – Raycom Media Inc. upsized its term loan B to $600 million from $400 million and revised the original issue discount to 99.75 from 99.5, according to a market source.

Pricing on the term loan B is Libor plus 275 basis points with a 0% Libor floor.

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.

Other funds for the refinancing will come from a $300 million term loan A, downsized from $500 million with the term loan B upsizing.

Commitments are due on Thursday, the source added.

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

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