Citadel’s $1.5B TLB Slides
February 8, 2010
The price of Citadel Broadcasting’s $1.5 billion term loan B fell four points to 80.5 cents on the dollar Friday, as the company announced that it was close to eliminating $1.4 billion in debt as part of its reorganization plan.
The price of the loan had reached 84 cents Wednesday, its highest level of the year, according to Markit. The loan was syndicated in the spring of 2007.
Citadel filed for bankruptcy protection in December with a prepackaged restructuring plan. The Las Vegas-based radio broadcaster is the nation’s third-largest.
Citadel said that its enterprise value after it reorganized would range between $1.54 billion and $1.78 billion.
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