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GE Capital, Others Amend Dial Global’s Credit Facilities

April 17, 2013, 07:27 AM
Filed Under: Media

Dial Global announced the company, its lenders and certain of its stockholders closed on the company's previously announced recapitalization of the company's existing credit facilities, other obligations and equity interests.

As part of the recapitalization, the company entered into an Amended and Restated Credit Agreement, by and among the company, GE Capital Corporation, as administrative agent and collateral agent, and the lenders party thereto (the "First Lien Credit Agreement"), which, after taking into account a $15 million paydown, consists of a term loan of $136 million and revolving credit commitments of approximately $23 million, $18 million of which is drawn.  The maturity date under the First Lien Credit Agreement is October 21, 2016.

The company also entered into a Priority Second Lien Credit Agreement among the company, Cortland Capital Market Services, LLC, as administrative agent and collateral agent, Blackrock Kelso Capital Corporation, as syndication agent and as the lender party thereto, for an additional $31.5 million term loan facility, with a maturity date of July 21, 2017.  The company issued to Blackrock penny warrants to purchase 7.5% of the company's common stock.

The lenders ("2L lenders") under the company's Second Lien Credit Agreement, dated as of October 21, 2011 (the "Second Lien Credit Agreement") restructured their existing approximately $93 million in second lien obligations by amending and restating the Second Lien Credit Agreement to provide for a $30 million term loan with a maturity date of April 16, 2018 and exchanging approximately $63 million in remaining obligations under the prior Second Lien Credit Agreement for a new Series A preferred stock of the company.

View the entire release here.

Dial Global is the largest independent national audio media company in the U.S., delivering fully integrated audio content to over 8,500+ radio stations and digital media companies.

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