Infinity Broadcasting Corp. said its bank group, led by Chase Manhattan Corp., provided $150 million of new loans to finance the purchase of radio stations.
The financing expands a $320 million credit agreement from 1992, which included a $115 million acquisition loan.
In expanding and amending the 1992 agreement, the banks also lowered the pricing on the loans, and permitted Infinity to purchase up to $50 million of its common stock.
Based in New York, Infinity is the nation's largest radio broadcaster.
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