Saga Communications closed on its new $100 million credit agreement with JPMorgan Chase Bank as administrative agent. J.P. Morgan Securities served as sole lead arranger and bookrunner, Huntington National Bank served as syndication agent and Citizens Bank served as documentation agent to complete the bank group that provided the credit facility.

The facility provides for a five-year revolving facility. The loan facility was initially funded in the amount of $35.3 million.

The applicable margin for LIBO Loans is based on a grid that ranges from LIBO + 100 basis points to LIBO + 200 basis points depending on the company’s leverage ratio. Upon converting to a LIBO based loan on August 31, 2015 the initial applicable margin will be LIBO + 100 basis points.

Saga is a broadcasting company devoted to acquiring, developing and operating broadcast properties. Saga owns or operates broadcast properties in 26 markets, including 65 FM and 32 AM radio stations, one state radio network, four television stations and five low-power television stations.