Moorgate Advises Bonten Media Group on Recapitalization
New York, NY -- Bonten Media Group and Esteem Broadcasting raised $165 million of new capital in the form of first lien credit facilities, a second lien credit facility and an equity investment from existing sponsor Diamond Castle Holdings. The proceeds of the credit facilities and equity investment will be used to repay existing senior secured credit facilities and redeem Bonten Media Group's senior subordinated notes. Funds managed by Canyon Capital Advisors LLC provided the new credit facilities.
"We are very pleased to have closed this new financing," commented Randall D. (Randy) Bongarten, CEO of Bonten Media Group. "As a result, we have deleveraged our balance sheet and addressed all near-term debt maturities. With this new capital structure in place, the company is well positioned for future growth."
Moorgate Securities LLC acted as exclusive financial advisor to Bonten Media Group in connection with the transactions. For additional information on this transaction, please see the company's press release.