Emmis Arranges Loan To Finance WLIB-WBLS Purchase
June 11, 2014 at 3:59 AM (PT)
EMMIS COMMUNICATIONS CORP. has informed the SEC that it has arranged a credit agreement with lenders headed by JPMORGAN CHASE and FIFTH THIRD BANK for a senior secured term loan facility of $185,000,000 and a senior secured revolving credit facility of $20,000,000, plus a possible uncommitted increase of up to $40,000,000.
The loan is being used in part to finance the purchase of Urban AC WBLS and Gospel WLIB-A/NEW YORK from YMF MEDIA.
EMMIS borrowed the full $185 million on TUESDAY (6/10), with $109 million disbursed to EMMIS to pay off an existing credit agreement and make a $55 million initial payment for the NEW YORK stations, and $76 million going into escrow.
The term loan is due JUNE 10th, 2021.