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Breathing room

E

Element9

Inside Radio, 11-29-06

Regent signs a new credit agreement worth $240 million.
[size=10pt]The deal - led by Bank of America - gives Regent the room to close its $125 million Buffalo deal with CBS and to buy back shares of "RGCI." The new agreement contains a senior loan facility of $115 million, a "revolver" of $75 million and a "delayed draw" worth $50 million. Regent previously said it intends to close on the CBS cluster that includes country WYRK during this quarter - which means by the end of December. Regent stock dropped below $3 and hit an all-time low in
today's trading.
Click to expand...

It was posted here not long ago (paraphrasing) that Regent financed the purchase of the Buffalo CBS cluster using the stations it already owns as collateral. I'm not privy to the machinations of high finance, but according to the first line of the story, Regent needs a little more "padding," $240 million worth, to get the job done.

With all that cash (and yes, servicable debt) would Regent have its eyes on a few more stations in NY state, say the Clear Channel clusters in Binghamton, even Syracuse, Albany or Rochester? Recall what Regent stated about their "New York state footprint" when they announced the purchase of the CBS Buffalo stations.

-9-
 
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