Patriot Media expected to launch $165 million credit facility Monday

By Paul A. Harris

St. Louis, Mo., Nov. 1 - Patriot Media, the new company which will run the New Jersey cable systems that will be spun off by RCN Corp., is expected to launch a $165 million credit facility on Monday, a market source told Prospect News, adding that Bank of New York is leading the deal.

The facility will be comprised of a $65 million pro rata loan, and a $100 million term loan B; pricing on the term B loan is Libor plus 400 basis points.

The source identified private equity firm Spectrum Equity Investors as the sponsors.

The cash price for RCN's Central New Jersey cable systems and its approximately 80,000 subscribers is reported to be $245 million.

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