Hubbard launches add-on, term B repricing at Libor plus 350-375 bps

By Sara Rosenberg

New York, Jan. 28 - Hubbard Radio LLC launched its $140 million add-on term loan B and repricing of its existing term loan B debt with talk of Libor plus 350 basis points to 375 bps with a 1.25% Libor floor and a par offer price, according to a market source.

By comparison, current pricing on the existing term loan B borrowings is Libor plus 375 bps with a 1.5% Libor floor.

With the add-on, the term loan B due April 28, 2017 will total $358 million.

The enlarged term loan B will have 101 soft call protection for six months, the source said.

Proceeds from the incremental debt will be used to refinance the company's second-lien term loan.

Commitments and consents are due on Feb. 5, the source added.

Morgan Stanley Senior Funding Inc. is the lead arranger and bookrunner on the deal.

Hubbard Radio is a Minneapolis-St. Paul, Minn.-based broadcasting company.

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