Chase Leads Credit for Radio Broadcaster
Goodwin, William, American Banker
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.
Fined by the FCC
The company employs syndicated talk-show host Howard Stern, who's brand of "shock" humor was the subject of a widely publicized obscenity fine by the Federal Communications Commission in 1992. In addition to his talk-show duties, Mr. Stern is running for governor of New York, with the backing of the Libertarian Party.
Farid Suleman, Infinity's chief financial officer, said the new funds would be used in part to pay for two pending deals totaling about $75 million. …