Radio One Refinancing Senior Credit Facility
March 7, 2011 at 11:53 AM (PT)
RADIO ONE has announced that it is working with CREDIT SUISSE and DEUTSCHE BANK on a new senior secured credit facility, comprised of a $25 million "super-priority" revolving credit facility and a $386 million term loan. Proceeds of the new credit facility will be used to refinance all of the company's outstanding indebtedness under its existing senior credit facility and for working capital and general corporate purposes.
Closing of the transaction is expected before the end of first quarter and is expected to involve affiliates of CREDIT SUISSE and DEUTSCHE BANK.