Hemisphere Media Group, the only publicly traded pure-play U.S. media company targeting the high growth Hispanic TV/cable networks business, announced that on July 30, 2013 certain of the company’s subsidiaries entered into a credit agreement providing for a $175 million senior secured term loan B facility which matures on July 30, 2020.

Deutsche Bank Securities (lead bookrunner) and GE Capital Markets each served as joint lead arrangers for the new term loan facility. Paul, Weiss, Rifkind, Wharton & Garrison acted as legal counsel to the company.

The term loan facility also provides an uncommitted accordion option (the incremental facility) allowing for additional borrowings under the term loan facility up to an aggregate principal amount equal to (i) $20 million plus (ii) an additional amount up to 4.0x 1st lien net leverage. Pricing on the term loan facility was set at LIBOR plus 500 basis points (with a LIBOR floor of 1.25%) and 1.0% of original issue discount.

After repayment of all outstanding debt obligations at the company’s subsidiaries and payment of fees and expenses, net proceeds are approximately $85 million. The company will use these proceeds for general corporate purposes, including potential acquisitions.