SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 6, 1996
KATZ MEDIA GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-13674 13-3779269
- --------------------------------------------------------------------------------
(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
125 West 55th Street, New York, New York 10019
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 424-6000
Item 5. Other Events
- ------ ------------
On September 6, 1996, the Company, through Katz Media Services,
Inc., a newly-formed, wholly-owned subsidiary, as borrower, established a new
senior secured Revolving Credit Facility (the "New Credit Facility") with a
group of lenders for which The First National Bank of Boston acts as agent. The
New Credit Facility provides for borrowings of up to $35.0 million and matures
on March 31, 1998. $5.0 million is available to cover interest payments over the
term of the facility, and the balance of the facility is available to fund
acquisitions and contract buyouts and for general corporate purposes.
Borrowings under the New Credit Facility bear interest at the
Company's option at either 150 basis points over the Base Rate (as defined) or
250 basis points over the Eurodollar Rate (as defined). In addition, the Company
pays a commitment fee of 0.5% per annum on the average daily balance of the
unused commitments.
The New Credit Facility contains customary affirmative and
negative covenants and events of default.
In connection with the New Credit Facility, the Company amended
the terms of its existing Credit Agreement to advance the final maturity from
September 30, 1999 to June 30, 1999.
Item 7. Financial Statements and Exhibits
- ------ ---------------------------------
(c) Exhibits
1. U.S. $35,000,000 Credit Agreement dated September 6, 1996
among Katz Media Services, Inc., as borrower, the Lenders party
thereto, and The First National Bank of Boston, as Agent.
2. Modification No. 6 to Credit Agreement dated April 29, 1996
3. Modification No. 7 to Credit Agreement dated September 6, 1996
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
KATZ MEDIA GROUP, INC.
By: /S/ RICHARD E. VENDIG
-------------------------
Richard E. Vendig
Senior Vice President
Chief Financial &
Administrative Officer
Treasurer
Date: September 13, 1996