Entravision Communications Corporation announced that on December 20, 2012 the company entered into a new $50 million credit facility, consisting of a four-year $20 million term loan and a four-year $30 million revolving credit facility with GE Capital as agent and GE Capital Markets as sole lead arranger and bookrunner.
The new credit facility replaces the company’s existing $50 million revolving credit facility.
The company intends to use proceeds from the $20 million term loan to partially fund the company’s previously announced redemption of $40 million of the company’s 8.750% senior secured first lien notes due 2017. The company intends to use proceeds from any future borrowings under the new revolving credit facility to, among other things, fund its working capital needs and other general corporate purposes.
Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television, radio and digital operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico.