U.S. network radio operator, Radio One, has secured a credit facility worth $411 million. The new secured credit facility comprises of a $25 million super-priority revolving credit facility and a $386 million term loan. The revolving portion of the facility will mature on March 31, 2015 and the term portion of the loan will be due on March 31, 2016. The company has used the proceeds of the term portion of the new senior credit facility to refinance all of its outstanding indebtedness under its prior senior credit facility.
Click here for the release from PR Newswire.