Posted by Welp Then on December 09, 2012 at 22:56:44:
In Reply to: Positive news for Radio City posted by Welp Then on December 07, 2012 at 21:50:06:
JOURNAL COMMUNICATIONS, INC. announced THURSDAY (12/6) that it has successfully amended and restated its credit facility. The company has arranged a revolving credit facility of $200 million and a term loan facility of $150 million at 10% per year payable quarterly with the balance due at maturity. Both facilities mature on DECEMBER 5, 2017. Also included is a revised consolidated funded debt ratio of 3.75x, which will increase to 4.25x for four quarters following an acquisition (subject to certain conditions).
"This transaction continues the evolution of JOURNAL's capital structure," said President/CFO ANDRE FERNANDEZ. "The new structure will allow us to term out a portion of our debt at a competitive rate, while providing us both with additional flexibility and capacity to further grow the business. We are extremely pleased with the result and with the support received from our banking partners."
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