BASIS POINT-Debt swap mooted for Macquarie Media US unit-source

MELBOURNE, Nov 9 (Reuters Basis Point) - Lenders to American Consolidated Media LLC (ACM), a unit of Australia's Macquarie Media Group (MMG.AX), have worked out a debt-for-equity swap agreement, said a banking source familiar with the talks.

Investment fund Macquarie Media said last month that ACM had breached some leverage covenants under a $133.7 million loan deal that matures in June 2010.

No details of the swap agreement were available, but the source said that the lenders had reached the agreement amongst themselves and the plan still needed approval from ACM.

The lenders are Australia & New Zealand Banking Group (ANZ.AX), New York-based CIT Group, GE Commercial Finance, Macquarie Bank (MQG.AX), National Australia Bank (NAB.AX) and Royal Bank of Canada (RY.TO).

The lenders have also agreed to a standstill agreement with ACM until mid-December. During this period, the margin on the loan will increase by 200 basis points over Libor, while front-end fees will also rise, the source said.

The lenders have appointed U.S. investment advisory firm Carl Marks to advise and value the company.

MMG declined to comment. (Reporting by Sharon Klyne; Editing by Jonathan Standing)