Morgan Stanley and Goldman Sachs have arranged two term loans totaling $395 million that will back Hubbard Radio's acquisition of 17 radio stations from Bonneville International, according to sources. The banks have arranged a $255 million first-lien term loan and a $140 million second lien.
The acquisitions would make the family-owned Hubbard the 10th-largest radio company in the U.S. by revenue, according to Standard & Poor's. It operates stations in Chicago, Washington, Minneapolis/St. Paul, St. Louis and Cincinnati.
