Emmis Operating Company provides radio broadcasting, television broadcasting, and magazine publishing services in the United States. In addition it publishes monthly magazines, such as regional magazines, as well as bimonthly magazines, such as specialty magazines. It also offers consulting and broadcast tower leasing. The company was incorporated in 2001 and is based in Indianapolis, Indiana. Emmis Operating Company operates as a subsidiary of Emmis Communications Corp.
40 Monument Circle
Indianapolis, IN 46204
Founded in 2001
Emmis Operating Company Enters into Second Amendment to Credit Agreement
Apr 30 15
On April 30, 2015, Emmis Communications Corporation entered into a Second Amendment to Credit Agreement, by and among the Company, Emmis Operating Company as borrower, certain other subsidiaries of the company, as guarantors, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the Administrative Agent"), and Fifth Third Bank, as syndication agent (in such capacity, the Syndication Agent"). All capitalized terms not otherwise defined in this Form 8-K have the meaning ascribed to them in the Credit Agreement. The Amendment (i) increases the maximum Total Leverage Ratio to (A) 6.75:1.00 during the period from May 31, 2015 through February 29, 2016, (B) 6.50:1.00 for the quarter ended May 31, 2016, (C) 6.25:1.00 for the quarter ended August 31, 2016, (D) 6.00:1.00 for the quarter ended November 30, 2016, and (E) 5.75:1.00 for the quarter ended February 28, 2017, after which it reverts to the original ratio of 4.00:1.00 for the quarters ended May 31, 2017 and thereafter, (ii) requires the Borrower to pay a 2.00% fee on certain prepayments of the Term Loan prior to the first anniversary of the Amendment and requires the Borrower to pay a 1.00% fee on certain prepayments of the Term Loan from the first anniversary of the Amendment until the second anniversary of the Amendment, (iii) increases the Applicable Margin throughout the remainder of the term of the Credit Agreement to 5.00% for ABR Loans (as defined in the Credit Agreement) and 6.00% for Eurodollar Loans (as defined in the Credit Agreement), and (iv) increases the amortization to 0.50% per calendar quarter through January 1, 2016 and to 1.25% per calendar quarter thereafter commencing April 1, 2016. The Amendment also requires the Borrower to pay a fee of 0.50% of the Term Loan and Revolving Commitment of each Lender that consented to the Amendment.