GE Capital is wrapping up a $185 million facility for Multicultural Radio Broadcasting that will back the company's $150 million acquisition of Radio Unica, a group of 15 radio stations. The facility was oversubscribed by about $15 million, according to Sean Kim, Multicultural Radio Broadcasting's cfo. The facility comprises a $95 million "A" loan, $65 million "B" loan and $25 million revolver.
The "A" loan and revolver are priced at LIBOR plus 31/2%, while the "B" piece is priced at LIBOR plus 33/4%, Kim said. Pricing moves on a grid tied to leverage, he added. Citibank is the syndication agent on the facility while Bank of New York and Harris Nesbitt are the co-documentation agents. The deal hit the market in December and is expected to close this week.