New Media expected to launch roughly $170 million term loan next month

By Sara Rosenberg

New York, Nov. 21 – New Media Investment Group Inc. is currently planning on getting a roughly $170 million incremental term loan for its acquisition of Halifax Media Group, and it is anticipated that the deal will likely launch to investors sometime in December, according to a market source.

Citizens Financial Group is the lead on the deal.

The incremental term loan would be done under the accordion in the company’s existing credit facility, the source said.

Other funds for the $280 million acquisition will come from cash on the balance sheet.

Closing is expected in the first quarter of 2015, subject to customary conditions.

New Media is a New York-based publisher of locally based print and online media. Halifax Media is a Daytona Beach, Fla.-based newspaper publisher.

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