MILWAUKEE -- (Business Wire)
Journal Communications, Inc. (NYSE:JRN) announced today that it has
successfully amended and restated its credit facility.
The agreement provides for a revolving credit facility with aggregate
commitments of $200 million and a term loan facility with aggregate
commitments of $150 million. The term loan facility amortizes at 10% per
annum payable quarterly with the balance due at maturity. Both
facilities mature on December 5, 2017. The facilities also include a
revised consolidated funded debt ratio of 3.75x increasing, subject to
certain conditions, to 4.25x for four quarters following an acquisition,
among other changed terms, and are secured by liens on certain assets of
Journal and its subsidiaries. Additional information concerning the
revised financial covenants, pricing and other changes to the credit
facility can be found in the Company’s Form 8-K filed with the
Securities and Exchange Commission.
"This transaction continues the evolution of Journal's capital
structure," said Andre Fernandez, President and Chief Financial Officer
of Journal Communications.
"The new structure will allow us to term out a portion of our debt at a
competitive rate, while providing us both with additional flexibility
and capacity to further grow the business. We are extremely pleased with
the result and with the support received from our banking partners."
This press release contains certain forward-looking statements related
to our businesses that are based on our current expectations.
Forward-looking statements are subject to certain risks, trends and
uncertainties, including changes in advertising demand and other
economic conditions that could cause actual results to differ materially
from the expectations expressed in forward-looking statements. All
forward-looking statements should be evaluated with the understanding of
their inherent uncertainty. Our written policy on forward-looking
statements can be found in our most recent Quarterly Report on Form
10-Q, as filed with the Securities and Exchange Commission.
About Journal Communications
Journal Communications, Inc., headquartered in Milwaukee, Wisconsin, was
founded in 1882. We are a diversified media company with operations in
television and radio broadcasting, publishing and interactive media. We
own and operate 15 television stations and 34 radio stations in 12
states. We publish the Milwaukee Journal Sentinel, which serves
as the only major daily newspaper for the Milwaukee metropolitan area,
and several community newspapers and shoppers in Wisconsin. Our
interactive media assets build on our strong publishing and broadcasting
Journal Communications, Inc.
Andre Fernandez, President and CFO
Angela Lois, Director of Investor Relations
Source: Journal Communications, Inc.
© 2016 Canjex Publishing Ltd. All rights reserved.