Crown Media Holdings closed its new $425 million senior secured credit facilities with, among other financial institutions, Wells Fargo Bank as administrative agent, consisting of a five year $325 million term loan facility and a five year $100 million revolving credit facility.

Crown will use approximately $80 million of the proceeds of the $325 million term loan facility to repay amounts due under and terminate Crown Media’s existing credit agreement; and pay fees, commissions and expenses in connection with new credit facilities, the existing credit facilities, and certain other fees and costs.

Crown will use approximately $245 million of the remaining proceeds of the term loan facility to redeem Crown Media’s 10.5% senior notes due 2019. Crown Media will use the proceeds of the $100 million revolving credit facility for general corporate purposes.

Crown Media Holdings is the corporate parent for the portfolio of cable networks and related businesses under Crown Media Family Networks.