June 20, 2013 / 3:18 PM / 4 years ago

RLPC: Gannett to launch $1.25B credit for Belo buy

NEW YORK, June 20 (Reuters) - Media and marketing solutions company Gannett Co is expected to launch next week general syndication of a $1.25 billion pro rata package backing its acquisition of television company Belo Corp, sources told Thomson Reuters LPC.

JP Morgan and Citigroup are leading the deal.

The facility comprises a $1 billion, five-year revolver and a $250 million term loan.

The loans have launched to top tier banks.

On June 13, Gannett and Belo announced they had entered into agreement under which Gannett will acquire all outstanding shares of Belo for $13.75 per share in cash, or approximately $1.5 billion, plus the assumption of $715 million in existing debt for an enterprise value of approximately $2.2 billion.

Gannett is an international media and marketing solutions company with a network of broadcast, digital, mobile and publishing properties.

Belo owns and operates 20 television stations and their associated websites.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below