We advised an ad hoc group of term lenders in connection with the transaction

Davis Polk advised the term lenders in connection with an amendment of term loans of Hubbard Radio, LLC under Hubbard’s approximately $240 million first-lien term loan credit facility. The transaction included, among other things, a maturity extension of the term loan facility, a $30 million deleveraging equity investment by Hubbard Radio’s parent company, a consent fee, a rate increase, and other material enhanced credit protections and reporting requirements under the facility.

Hubbard Broadcasting has been a pioneer in radio since 1925. Now operating over 50 radio stations nationwide, Hubbard Radio continues the tradition of excellence with quality local programming.

The Davis Polk restructuring team included partners Damian S. Schaible and Christian Fischer, counsel Michael Pera and associates Ethan Stern, Linyang Wu, Kyle Kreider and Hengzhe Luo. The tax team included counsel Yixuan Long and associate Yueyu Yang. Counsel Charles Shi provided executive compensation advice. All members of the Davis Polk team are based in the New York office.