Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Granite Broadcasting Said to Set Rate on $261 Million Loan

April 24 (Bloomberg) -- Granite Broadcasting Corp., a television broadcasting provider whose network affiliations include NBC, CBS, ABC, The CW and My Network TV, set the rate it will pay on $260.6 million in loans it’s seeking to support debt repayment, according to a person with knowledge of the matter.

The company is proposing to pay interest at 6.5 percentage points more than the London interbank offered rate on the $215 million, seven-year first-lien portion, with a 1.25 percent minimum on the lending benchmark, said the person, who declined to be identified because terms are private.

Granite, based in New York, may sell the loan at 98.5 cents on the dollar, said the person, reducing proceeds for the borrower and boosting the yield for investors.

A $45.6 million second-lien portion may pay interest at 15 percentage points more than Libor with a 1.5 percent minimum on the lending benchmark, the person said.

Standard & Poor’s assigned B corporate credit and first-lien debt ratings to Granite, while Moody’s Investors Service gave the company a corporate family rating of B3 and graded the first-lien debt B2.

Peter Markham, chairman of Granite, didn’t immediately respond to an e-mail seeking comment.

JPMorgan Chase & Co. is arranging the financing, which includes a $5 million revolving line of credit.

First-lien debt is repaid first in a bankruptcy or liquidation, second-lien debt is repaid next. In a revolving credit facility, money can be borrowed again once it’s repaid; in a term loan, it can’t.

To contact the reporter on this story: Krista Giovacco in New York at

To contact the editor responsible for this story: Faris Khan at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.