NV Broadcasting shifts funds, tightens first-lien original issue discount

By Sara Rosenberg

New York, Oct. 22 - NV Broadcasting LLC (New Vision Television) moved some funds out of its second-lien term loan and into its first-lien term loan B, and reduced the original issue discount on the first-lien loan, according to a market source.

The six-year first-lien term loan B (B+) is now sized at $235 million, up from $215 million, and while pricing remained at Libor plus 300 basis points, the discount that the paper is being sold at was cut to 98½ from 98, the source said.

On the flip side, the seven-year second-lien term loan (CCC+) is now sized at $100 million, down from $120 million, with pricing remaining at Libor plus 650 bps and the discount remaining at 98, the source added.

The first-lien term loan B carries 101 soft call protection for one year and the second-lien term loan is non-callable for one year, then at 102 in year two and 101 in year three.

NV Broadcasting's $390 million credit facility also includes a $25 million six-year revolver (B+) priced at Libor plus 300 bps and a $30 million senior unsecured holdco loan (CCC+).

The first- and second-lien debt contain total leverage and minimum interest coverage covenants.

UBS Investment Bank is the lead bank on the deal.

Proceeds will be used to help fund New Vision Television's acquisition of Montecito Broadcast Group, LLC and to refinance existing debt.

Upon completion of the acquisition, Los Angeles-based New Vision Television will own and operate nine major affiliated television stations and, through joint sales or local market agreements, will provide sales and other services to two other stations. These stations are in eight markets across the southern, midwestern and northwestern United States.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.