Lehman Brothers and Banc of America Securities are leading a 1% price cut of CBD Media's credit. The term loan, originally $160 million, will be cut by $10 million Pricing is being reduced from LIBOR plus 31Ž4% to LIBOR plus 21Ž4%, with a step down to LIBOR plus 2% based on a leverage point to be determined, a banker said. The repricing was a mutual decision between the company and the banks, a source familiar with the deal said. "It's an obvious thing given how the markets have improved," he added.
CBD, a Cincinnati-based multi-media publisher, was established in March 2002 as the result of Spectrum Equity Investors' $343.4 million purchase of 14 yellow page directories from Broadwing, now renamed Cincinnati Bell. CBD publishes 15 Yellow and White Page directories covering Greater Cincinnati, Northern Kentucky, South Eastern Indiana and Dayton. John Schwing, CBD's cfo, referred calls to a Lehman banker, who declined comment.