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A $250-million credit for ABRY Broadcast Partners II LP is being readied by Nationsbank and Bankers Trust that will fund the buyout of Act III Broadcasting Inc. The deal is structured as an 8-year, $220-million term loan for the acquisition and an 8-year, $30-million revolver.
Nationsbank and Bankers Trust are readying for market a $250 million credit for ABRY Broadcast Partners II LP. that will fund the buyout of Act III Broadcasting Inc., a television broadcasting company with stations in mid-size U.S. markets. Bank of Boston has also joined the credit.
The deal is structured as an eight-year, $220 million term loan for the acquisition, and an eight-year, $30 million revolver. Pricing and fees were not available last week. The bank meeting is still a few weeks away, according to one source.
Together with the bank deal, BT and Nations are leading a public offering of $125 million in senior subordinated notes. The notes mature in ten years.
Based in Boston, ABRY Broadcast is a fund formed to make equity and equity-related investments in the radio and television broadcasting industries and is run by former employees of Bain Capital, a Boston buyout firm.
Copyright Investment Dealers' Digest, Inc. Sep 25, 1995