Holland & Knight Represents Paxson Communications Corporation in $1.13 Billion Refinancing
January 16, 2006
WEST PALM BEACH, Fla. – Holland & Knight LLP represented Paxson
Communications Corporation (AMEX:PAX) in its recently completed $1.13 billion
debt refinancing.
Paxson Communications Corporation owns and operates the nation’s largest
broadcast television station group. The company’s programming reaches
approximately 91 million U.S. television households via nationwide broadcast
television, cable and satellite distribution systems.
Paxson refinanced all of its outstanding debt through a Rule 144A offering of
$400 million of floating rate first priority senior secured notes due 2012 and
$405 million of floating rate second priority senior secured notes due 2013, and
a $325 million first priority term loan agreement. Proceeds were used to
purchase all of the company’s existing secured and senior subordinated notes
pursuant to a tender offer and consent solicitation that Paxson made for these
notes.
The deal team at Holland & Knight was led by West Palm Beach partner
David L.
Perry, who was supported by partners
Charles Naftalin and
Douglas Darbut and
associates Rebecca DiStefano,
Asnardo Garro,
Irma Salgado, and
Jeffrey Rubinger.
“We are very pleased to have achieved this successful outcome for our
client,” said Perry.
“This was a complex transaction that was completed within
an accelerated time frame. Our deal team put on an outstanding demonstration of
Holland & Knight’s depth and capabilities in getting this deal done for the
company.”
About Holland & Knight LLP: Holland & Knight is a global law firm with more
than 1,250 lawyers in 26 U.S. offices. Other offices around the world are
located in Mexico City, Tokyo and Beijing, with representative offices in
Helsinki, Caracas and Tel Aviv. Holland & Knight is among the world’s 15 largest
firms, providing representation in litigation, business, real estate and
governmental law. Our interdisciplinary practice groups and industry-based teams
ensure clients have access to attorneys with the best expertise, regardless of
location. www.hklaw.com
Contact: Susan Bass (813) 769-4326