Lower ad revenues pushed down levels for Emmis Communications' bank debt to 100 1/8, dealers said. The broadcasting industry has weakened as major televised events like the Olympics and the Presidential election are over. Since January the company's levels have shifted dropping slightly and nudging back up as market players anticipated earnings reports. Two weeks ago levels slid to 99 3/8 in anticipation of a weak earnings report then jumped back up to 100 3/8 when the company came out with numbers that met projections. Emmis, based in Indianapolis, Ind., owns and operates more than 20 radio stations in New York City, Los Angeles, and Chicago as well as two radio networks. A company spokeswoman did not return calls.
TD Securities leads the deal. First Union Bank, Credit Suisse First Boston and Fleet Bank are the lead arrangers. The company's facility breaks down into a $400 million revolver, a $600 million term loan "A," and a $400 million term loan "B." TD Securities leads the deal. Emmis has announced or consummated $1.3 billion in acquisitions over the last year.