Young Broadcasting to launch $295 million credit facility Wednesday

By Sara Rosenberg

New York, April 11 - Young Broadcasting Inc. is scheduled to hold a bank meeting Wednesday morning to launch its proposed $295 million amended and restated senior credit facility, according to a market source.

Wachovia Securities, Lehman Brothers, Merrill Lynch and BNP Paribas are the lead banks on the deal.

The facility consists of a $275 million term loan due 2012 talked at Libor plus 250 basis points and a $20 million revolving credit facility due 2010, the source said.

Management will present the deal to investors in New York City, but investors will have the opportunity to dial in if they elect not to be there in person.

Proceeds from the term loan will be used to finance a cash tender offer and consent solicitation for all of the company's $246.89 million outstanding principal amount of 8½% senior notes due 2008 that commenced on Monday. The tender off is scheduled to expire on May 9.

Young Broadcasting is a New York-based owner and operator of television stations.

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