After last year’s long and complicated refinancing adventure, Radio One is now back to more routine adjustments to its financial structure. The company on Friday (4/1) announced a new deal with its senior lenders.
Radio One said it has closed upon a new senior secured credit facility comprised of a $25 million “super-priority” revolving credit facility and a $386 million term loan. The applicable margin is between (i) 4.50% and 5.50% on the revolving portion of the facility and (ii) 5.00% (with a base rate floor of 2.50% per annum) and 6.00% (with a LIBOR floor of 1.50% per annum) on the term portion of the facility.
The revolver matures on March 31, 2015 and the term portion of the credit facility matures on March 31, 2016.
RBR-TVBR hears that Credit Suisse put the deal together.