Paxton Media Group to launch $240 million facility on Wednesday

By Sara Rosenberg

New York, Nov. 2 - Paxton Media Group LLC is scheduled to hold a bank meeting on Wednesday to launch its proposed $240 million credit facility, according to a market source.

Wells Fargo and U.S. Bank are the lead banks on the deal.

The facility consists of a $10 million five-year revolver, a $20 million three-year term loan A and a $210 million six-year term loan B, the source said.

Price talk on the revolver and the term loan A is Libor plus 450 basis points with no Libor floor, while talk on the term loan B is Libor plus 550 bps with a 1.75% Libor floor and an original issue discount of 98, the source added.

Proceeds will be used to refinance existing debt.

Paxton is a Paducah, Ky.-based newspaper and television company.

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