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Emmis Communications Corp. Message Board

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  • longtimefollower longtimefollower Jun 21, 2011 11:57 AM Flag

    Post deal valuation of EMMS

    Has anyone calculated what the GAAP gain on this deal will be? Would be nice to see the EMMS balance sheet get to positive equity.

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    • "The note will mature five years from closing and will accrue interest at a rate of 15% per annum"

      nice, gotta love 15% rates!!!

      • 2 Replies to brianbee882
      • minimum interest payable is 12.25% not 15% - not great - but the loan is getting paid down by a lot and grupo radio has to pay around 7% for their money due Emmis as part of the LA station deal.

        here is language on interest rates:
        http://sec.gov/Archives/edgar/data/783005/000095014211000639/eh1100193_form8k.htm



        Among other things, the Third Amendment provides that (i) the terms of the existing Tranche B Term Loans held or purchased on or prior to the date of the Third Amendment by funds or accounts managed by Canyon Capital Advisors LLC (“Canyon”), are amended into an amended tranche of term loans with an extended maturity date of November, 2014 and pricing on such amended term loans is increased pursuant to a grid under which 7.5% to 12.25% per annum is to be paid in cash and 7.0% to 0.0% per annum is to be paid in kind, subject to a minimum yield of 12.25% per annum, (ii) the leverage ratio and fixed charge covenants will not apply under the Credit Agreement until November 30, 2012, at which time they will be set at 5.0x and 1.15x for the life of the Credit Agreement and from November 30, 2011 through August 31, 2012 there will be a minimum EBITDA test of $25 million per rolling 4 quarter test period, (iii) the requirement that annual audits be certified without qualification will be waived for the fiscal years ending February 2011 and 2012 and (iv) the ability of Emmis to engage in certain activities or transactions, including the payment of dividends, the incurrence of indebtedness and the ability to invest certain proceeds including from asset sales will be further restricted or prohibited. The total amount of Tranche B Term Loans outstanding as of March 29, 2011 is $329 million, and the amount of such term loans that Canyon is amending into extended term loans is approximately $182.9 million.

      • Can you post a link to your source for the interest rate? I haven't even seen the dollar value of the station sales anywhere.

 
EMMS
2.62-0.03(-1.13%)Jul 23 4:00 PMEDT

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