Radio One announced that it has engaged Credit Suisse and Deutsche Bank to arrange a new senior secured credit facility for the Urban radio specialist.
The new senior secured credit facility is to be comprised of a $25.0 million “super-priority” revolving credit facility and a $386.0 million term loan. Proceeds from the latter will be used to refinance all of the outstanding indebtedness under the current credit facility and for general corporate purposes.
Radio One said it anticipates that affiliates of Credit Suisse and Deutsche Bank will provide the $25.0 million super-priority revolving credit facility and will use “commercially reasonable efforts” to syndicate the $386.0 million term loan. Look for completion in the early summer.
The re-working of its senior debt follows Radio One’s protracted, but ultimately successful, efforts last year to refinance its bond debt.