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Wachovia Securities is shopping a $225 million term loan for Gray Television that replaces the company's existing "B" loan at a tighter LIBOR plus 21/4% spread. The new "C" tranche will take out the "B" piece, which is priced 50 basis points higher, said a banker familiar with the credit. The existing credit was completed last October and includes a seven-year, $75 million revolver and an eight-year, $375 million "B" piece. The banker said the combination of better market conditions and improved company performance prompted Gray to seek the refinancing. He would not specify commitment levels to the loan as of late last week. James Ryan, v.p. of finance and cfo of Gray, could not be reached by press time.
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Citigroup and UBS Warburg will be launching a $265 million credit for ALARIS Medical as part of the medication safety device manufacturer's recapitalization plans. Syndication of the facility is expected to be launched in the coming weeks, said William Bopp, senior v.p. and cfo, declining to cite a bank meeting date. The credit includes a five-year, $30 million revolver and a six-year, $235 million "B" loan. Bopp declined to comment on pricing.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.