NEW YORK (CelebrityAccess MediaWire) —
CKX, Inc. has entered into a $125 million revolving credit agreement with a group of lenders led by Bear, Stearns & Co. Inc., including UBS Securities LLC, The Bank of New York, Lehman Commercial Paper, Inc. and Credit Suisse. The revolving credit facility replaces the company's previous $50 million financing commitment. Although the CKX has not drawn on the revolving credit facility, loans under the credit facility are available to the company for general corporate purposes and to finance future acquisitions and joint ventures.
"We are pleased to announce this revolving credit facility as the first step in establishing the debt portion of CKX's permanent capital structure, which we anticipate will also include term loans, debt securities or other long-term debt arrangements," said Robert F.X. Sillerman, chairman and CEO of CKX. "Our plan for the Company continues to include opportunistic acquisitions and it is important that we maintain significant capital availability." –Bob Grossweiner and Jane Cohen