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DIAL > SEC Filings for DIAL > Form 8-K on 17-Dec-2012All Recent SEC Filings

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Form 8-K for DIAL GLOBAL, INC. /DE/


17-Dec-2012

Entry into a Material Definitive Agreement, Financial Statements and Exhib


Item 1.01. Entry into a Material Definitive Agreement.

As previously reported, on November 15, 2012, Dial Global, Inc. (the "Company") entered into (i) a Second Amendment and Limited Waiver to Credit Agreement with the administrative agent and certain lenders under its First Lien Credit Facility and (ii) a Second Amendment and Limited Waiver to Second Lien Credit Agreement with the administrative agent and certain lenders under its Second Lien Term Loan Facility (collectively with the First Lien Credit Facility, the "Credit Facilities"), pursuant to which such lenders agreed, among other things, to waive through December 14, 2012 (the "Waiver Period") certain events of noncompliance under the Credit Facilities occurring as of September 30, 2012 and certain of the Company's other obligations under the Credit Facilities.

On December 14, 2012, the date on which the Waiver Period was scheduled to conclude, the Company entered into a Second Limited Waiver to Credit Agreement with the administrative agent and certain of its lenders under its First Lien Credit Facility (the "First Lien Waiver") and a Third Amendment and Limited Waiver to Second Lien Credit Agreement (the "Second Lien Waiver" and together with the First Lien Waiver, the "Waivers") with the administrative agent and certain lenders under its Second Lien Term Loan Facility.

Pursuant to the terms of the Waivers, the lenders party to each agreed to extend their respective Waiver Periods and temporarily waive certain existing and anticipated instances of non-compliance by the Company with the Credit Facilities, including the debt leverage and interest coverage covenants set forth in the Credit Facilities, which instances of non-compliance would otherwise be expected to give rise to events of default under the Credit Facilities. The terms of the Waivers provide that the extended Waiver Period and the other temporary waivers provided for therein will terminate on January 15, 2013 or such earlier date on which the Waivers terminate in accordance with their terms.

Also on December 14, 2012, in connection with the Waivers, the Company entered into a Second Amendment to Intercreditor Agreement which has the effect of extending through the date on which the Waivers terminate, the agreement of the lenders under the First Lien Credit Facility to not permit the Company's controlling stockholders or their affiliates to (i) acquire any debt in, or fund any new debt investment under, the Company's First Lien Credit Facility or (ii) acquire any debt in, or fund any new debt investment under, any other debt arrangement that is senior to the debt under the Company's Second Lien Term Loan Facility.

The foregoing description of the First Lien Waiver and the Second Lien Waiver is qualified in its entirety by reference to the full text of such Waivers, which Waivers are filed as Exhibit 10.1 and Exhibit 10.2 hereto, respectively, and incorporated by reference herein.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are being filed herewith:

Exhibit Number                              Description
     10.1        Second Limited Waiver to Credit Agreement, entered into as of
                 December 14, 2012, with the lenders party thereto.
     10.2        Third Amendment and Limited Waiver to Second Lien Credit
                 Agreement, entered into as of December 14, 2012, with the lenders
                 party thereto.



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