Chase Manhattan Corp. led a $1.15 billion loan last week for Jacor Communications Inc., the third-largest radio group in the United States.
Banque Paribas is the documentation agent on the credit, and BankAmerica Corp. is acting as syndication agent. The deal was syndicated to 38 banks and two institutional investors and closed last week, a Jacor spokeswoman said.
The loan replaces a $750 million credit and will be used to fund acquisitions of radio stations and for general corporate purposes.
Covington, Ky.-based Jacor said it has bought roughly 30 radio stations this year and now owns, operates, or represents 164 in 35 markets, as well as several radio-related businesses.
The seven-and-a-half-year facility is split between a $750 million revolving credit and a $400 million term loan. Pricing will range from 40 to 175 basis points over the London interbank offered rate, depending on Jacor's leverage ratio. Initial pricing is set at 87.5 basis points over Libor.
Loans backing radio-related acquisitions totaled $7.25 billion in the first half, up from $5.7 billion in all of 1996.