Regent Communications loan sees application of default interest rate

By Sara Rosenberg

New York, May 14 - Regent Communications Inc. received notice from the administrative agent on its credit facility that the default rate is being imposed because an event of default resulting from a going concern opinion was not fixed, according to an 8-K filed with the Securities and Exchange Commission.

The default rate adds 200 basis points to the loan's pricing.

Bank of America is the administrative agent on the deal.

The company is in negotiations with lenders to amend certain of the financial ratios and other covenants contained in the credit facility in order to regain compliance.

Regent Communications is a Cincinnati-based radio broadcasting company.

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