Entravision gets some relief from its lenders
Entravision Communications has amended the credit agreement with its senior lenders, led by GE Capital. The amendment eases leverage covenants on the $50 million revolving credit line for the radio and TV station owner.
Under the loan agreement signed last July the ratio of EBITDA to total debt was supposed to drop to 6.75 times at the end of March, having already gone down from 7.25 times to 7.00 times, and then to drop to 6.25 times on March 31, 2013.
Now, though, the leverage covenant of 7.00 times will stay at 7.00 times for the remainder of the loan term. That’s scheduled to be July 27, 2013.
In addition to GE Capital, the lender group includes Citibank, UBS and Wells Fargo.