Patriot Refinances Debt10/28/2005 8:00 PM Eastern
Greenwich, Conn.— Patriot Media and Communications CNJ LLC last week said it has completed a refinancing of its debt at lower interest rates.
Patriot has about 80,000 subscribers in 31 communities in central New Jersey, including Princeton, and is headed by longtime cable veteran Steve Simmons.
The new credit facilities totaled $282 million and were underwritten by the Bank of New York as administrative agent and BNY Capital Markets Inc. as the sole lead arranger.
The facilities were structured as a $25 million seven-year revolver, a $210 million seven-and-a half-year Term Loan B and a $47 million eight-year second-lien term loan.
The new interest rate on the first lien facilities dropped from 2.75% to 2.25%. The interest rate on the second lien facility was reduced from 5.50% to 5.00%.