Saga Closes On New Credit Agreement
June 16, 2011 at 3:56 AM (PT)
SAGA COMMUNICATIONS, INC. has closed on its new $120 million credit agreement, including a $60 million term loan and a $60 million revolving loan, initially funded at $92.1 million, with SAGA intending to reduce the outstanding balance by $4.1 million on JUNE 16th to leave a balance of $88 million.
The facility is with BANK OF AMERICA, N.A. as Administrative Agent and JPMORGAN CHASE as Syndication Agent; the banks served as Joint Lead Arrangers and Joint Book Managers, with HUNTINGTON NATIONAL BANK as Documentation Agent and RBS CITIZENS, N.A.'s CHARTER ONE BANK and PEOPLES UNITED BANK completing the bank group providing the credit facility.
SAGA President/CEO ED CHRISTIAN said, "I believe that that closing on this facility is great for our stockholders as it provides us a solid commercial banking facility upon which to build SAGA's future."