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New York City, USA – 30 June – LAWFUEL – The Law News Network – In o…

New York City, USA – 30 June – LAWFUEL – The Law News Network – In one of the largest first-lien, second-lien covenant light transactions to date, Spanish Broadcasting System received $450 million to repay outstanding credit facility indebtedness and redeem all of the company’s existing $335 million principal amount of 9 5/8% senior subordinated notes.

The lenders in the transaction were Lehman Commercial Paper, Inc. as administrative agent; Merrill Lynch and Pierce Fenner & Smith as syndication agent; and Wachovia Bank, NA as documentation agent. Spanish Broadcasting System is the largest Hispanic-controlled radio broadcast company in the United States, and owns/operates radio stations in six of the top ten Hispanic markets, reaching approximately 49% of the United States’ Hispanic population. The transaction was funded June 10, 2005.

Dechert LLP attorneys Bonnie A. Barsamian, Gary Green, Jonathan Silverblatt, Catherine Sicari, Catherine Capeless and Hal Borden acted as counsel on behalf of Lehman Brothers, Merrill Lynch and Wachovia Bank.

Latham & Watkins acted as counsel for Spanish Broadcasting.

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.