Private Firms Buy Into LBI
April 2, 2007 at 5:49 AM (PT)
Private equity firms OAKTREE CAPITAL MANAGEMENT and TINICUM CAPITAL PARTNERS II have purchased about 39% of LBI MEDIA. The investment cost the buyers about $155 million for 113 shares.
The proceeds of the sale will be used to repay indebtedness and will leave the company with $54.1 million outstanding under its senior revolving credit facility as of MARCH 30, the date of the stock sale.