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Bank of America Agents $300MM Credit Facility for Entravision Communications

December 01, 2017, 07:31 AM
Filed Under: Entertainment

Entravision Communications Corporation, a diversified media company serving Latino audiences and communities, announced it has entered into a new $300 million secured bank credit facility. The New Facility replaces the company's existing senior secured term loan credit facility entered into on May 31, 2013.

According to an 8K filing, Bank of America, N.A., served as Administrative Agent, RBC Capital Markets, as Syndication Agent, and Wells Fargo Bank, National Association, as Documentation Agent for the syndicated facility.

Entravision currently anticipates that it will use proceeds from the $300 million credit facility to repay in full the approximately $290 million remaining outstanding under the company's term loan credit facility entered into on May 31, 2013, and pay fees and expenses in connection with the New Facility.

"We continue to proactively manage our capital structure," said Walter F. Ulloa, Chairman and Chief Executive Officer of Entravision.  "This new facility provides increased flexibility as it extends the maturity date of our outstanding debt by four years, to November 2024, and provides us the option to make prepayments, without penalty after the first six months.  We continue to execute on our strategic plan and with a strong balance sheet remain well positioned to capitalize on growth opportunities."

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