Daily News: December 10, 2012

U.S. Bank, Others Amend Journal Communications Facility


Journal Communications, Inc. announced that it has amended and restated its credit facility with U.S. Bank as administrative agent, SunTrust Bank and Bank of America as co-syndication agents and U.S. Bank, SunTrust Robinson Humphrey and Merrill Lynch, Pierce Fenner and Smith as joint lead arranger and joint bookrunners.

The agreement provides for a revolving credit facility with aggregate commitments of $200 million and a term loan facility with aggregate commitments of $150 million. The term loan facility amortizes at 10% per annum payable quarterly with the balance due at maturity. Both facilities mature on December 5, 2017. The facilities also include a revised consolidated funded debt ratio of 3.75x increasing, subject to certain conditions, to 4.25x for four quarters following an acquisition, among other changed terms, and are secured by liens on certain assets of Journal and its subsidiaries

“This transaction continues the evolution of Journal’s capital structure,” said Andre Fernandez, president and CFO of Journal Communications. “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.”

Journal Communications, Inc., headquartered in Milwaukee, WI, was founded in 1882. It is a diversified media company with operations in television and radio broadcasting, publishing and interactive media.