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."
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