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Wells Fargo Agents $425MM Facility to Crown Media Holdings

June 26, 2015, 07:21 AM
Filed Under: Media

Crown Media Holdings announced today the closing of its new $425 million senior secured credit facilities with, among other financial institutions, Wells Fargo Bank, National Association, in its capacity as administrative agent, consisting of (i) a five year $325 million term loan facility and (ii) a five year $100 million revolving credit facility.

Crown will use approximately $80 million of the proceeds of the $325 million term loan facility to: (1) repay amounts due under and terminate Crown Media’s existing credit agreement; and (2) pay fees, commissions and expenses in connection with new credit facilities, the existing credit facilities, and certain other fees and costs. Crown will use approximately $245 million of the remaining proceeds of the term loan facility to redeem Crown Media’s 10.5% senior notes due 2019. Crown Media will use the proceeds of the $100 million revolving credit facility for general corporate purposes.

Crown Media Holdings, Inc. is the corporate parent for the portfolio of cable networks and related businesses under Crown Media Family Networks. The company currently operates and distributes Hallmark Channel in both high definition (HD) and standard definition (SD) to 84 million subscribers in the U.S.

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