Young Broadcasting Amends Senior Credit Facility - Update
(RealTimeTraders.com) - Broadcasting company Young Broadcasting (YBTVA) revealed Wednesday morning that it amended and restated its existing senior credit facility. The company stated that the amended and restated facility provides for a $20 million revolving credit facility.
Under the borrowing conditions, the company should have in hand cash and cash equivalents of at least $50 million, and a senior secured debt to operating cash flow ratio of not more than 1.75 times. The revolving facility will mature in June 2008.
Separately, Young Broadcasting announced that it sold $90 million of 8-1/2% senior notes due 2008 in a private placement. The company will use the net proceeds to redeem all of its outstanding 9% senior subordinated notes due 2006. The company also sold $140 million of 8-3/4% senior notes due 2014 in a private placement.
Shares of YBTVA are currently 40 cents up at $19.91.
Copyright(c) 2003 RealTimeTraders.com, Inc. All Rights Reserved