CBS Radio closed on $1.31 billion of debt financing that included a $250 million revolver, a $1.06 billion term loan and a $400 million bond issue. The borrowings are part of the plan to spin CBS Radio off from CBS and were previously announced on October 7, when the company priced the offering.

According to a related 8-K filing, JPMorgan Chase served as administrative agent, collateral agent, swing line lender and an L/C issuer. J.P. Morgan Securities, Deutsche Bank Securities, Citigroup Global Markets, Goldman Sachs, Wells Fargo Securities, Credit Suisse Securities and Merrill Lynch served as joint lead arrangers.

The debt is secured by substantially all of the assets held by CBS Radio and certain of its subsidiaries. The term loan is at 3.5% interest plus the greater of LIBOR or 1%. The revolving credit facility requires the company to maintain a maximum consolidated net secured leverage ratio of 4 to 1 (4.5 to 1 on a temporary basis in connection with certain permitted acquisitions).

In addition, the company issued $400 million aggregate principal amount of 7.250% senior notes due 2024, guaranteed on a senior unsecured basis by guarantors but bit by CBS. The bonds may be redeemed by CBS Radio any time on or after November 1, 2019; it may, in addition, redeem up to 35% of the notes before that date with the proceeds of certain equity offerings.