GE Capital Agents Entravision Communications Credit Facility
Entravision Communications, a diversified Spanish-language media company, announced it entered into a new secured bank credit facility, consisting of a $30 million revolving credit facility and a $20 million term loan, and a $375 million delayed-draw term loan. The latter may be drawn on a date of the company’s choosing between August 1, 2013 and August 15, 2013. According to the company’s 8-K filing dated Friday, May 31, 2013, GE Capital served as agent.
The new facility replaces the company’s existing $30 million revolving credit facility and $20 million term loan facility.
Entravision currently anticipates that it will use proceeds from the $375 million delayed-draw term loan to (i) repay in full the $20 million term loan under the new facility, (ii) redeem in full all of the company’s 8.75% senior notes due 2017, and (iii) pay fees and expenses in connection the new facility. The company intends to use any future borrowings under the new revolving credit facility to, among other things, fund its working capital needs and other general corporate purposes.
“As a result of our new credit facility, we will substantially improve our capital structure, providing us with additional financial flexibility as we continue to execute our strategic plan to further strengthen our diversified media platform and fully capitalize on the growth of the nation’s Latino population,” said Walter F. Ulloa, Entravision’s chairman and chief executive officer.
Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television, radio and digital operations to reach Latino consumers across the United States, as well as the border markets of Mexico.