Raycom TV readies launch of $775 million credit facility for July 16

By Sara Rosenberg

New York, July 9 – Raycom TV is scheduled to hold a bank meeting on July 16 to launch a $775 million credit facility, according to a market source.

Wells Fargo Securities LLC, Bank of America Merrill Lynch and J.P. Morgan Securities LLC are the lead banks on the deal.

The facility consists of a $275 million five-year revolver, a $225 million five-year term loan A and a $275 million seven-year covenant-light term loan B, the source said.

Price talk on the revolver and term loan A is Libor plus 200 basis points, and talk on the term loan B is Libor plus 300 bps with a 0.75% Libor floor and an original issue discount of 99½, the source continued.

The term loan B has 101 soft call protection for six months.

Proceeds will be used to refinance existing debt.

Raycom is a Montgomery, Ala.-based broadcaster and owner and operator of television stations.

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