Equity Media Holdings announced that it had entered into a new credit facility with Silver Point Finance LLC and Wells Fargo Foothill Inc. If you are interested in the details, here they are: “The previously existing facility consisted of a $30,962,500 revolver with a $5,000,000 holdback, and $20,000,000 Term A and $12,000,000 Term D loans, for an aggregate borrowing capacity of $57,962,500. The amended facility consists of an $8,000,000 revolver and $12,000,000 Term A and $33,000,000 Term B loans, for aggregate borrowing capacity of $53,000,000, with approximately $50.5 million of current availability. The rate under the amended facility increased from LIBOR plus 7.75% to LIBOR plus 9.5%, with a minimum rate of 14%. The amended facility provides for financial and operating covenants based on trailing monthly and twelve month information. The total borrowing currently outstanding under the new facility totals approximately $50.5 million, which equals the total current availability.”
