Key Developments: Saga Communications Inc (SGA)
17 May 2013
Latest Key Developments (Source: Significant Developments)
Saga Communications Inc announced that its Board of Directors has declared a special cash dividend of $1.65 per share on its Classes A and B Common Stock to be paid on December 3, 2012 to shareholders of record on November 15, 2012. The aggregate amount of the payment to be made in connection with the special, dividend will be approximately $7.0 million. Full Article
Saga Communications, Inc. announced that it closed on its new $120 million Credit Agreement. The transaction is with Bank of America, N.A. as Administrative Agent who along with JPMorgan Chase Bank, N.A. as Syndication Agent served as the facility's Joint Lead Arrangers and Joint Book Managers. Huntington National Bank, as Documentation Agent, Charter One Bank (a part of RBS Citizens, N. A.) and Peoples United Bank completed the bank group providing the credit facility. The facility includes a $60 million term loan and a $60 million revolving loan. The loan facility was initially funded in the amount of $92.1 million. The Company intends to reduce the balance outstanding by $4.1 million on June 16, 2011 leaving a balance of $88 million drawn on the combined term and revolving facilities at that time. The applicable margin for LIBOR Loans is based on a grid that ranges from LIBOR + 275 basis points to LIBOR + 150 basis points depending on the Company's leverage ratio. Upon converting to a LIBOR based loan on June 16, 2011 the initial applicable margin will be LIBOR + 250 basis points which is a 50 basis point reduction to the rate that was being paid on the previous facility. Full Article
LONDON, May 3 - The 4 billion pound ($6.20 billion) refinancing of Acromas, the private equity-owned firm behind travel company Saga and British motoring services firm the AA, will see a splitting of the two businesses into separate entities.