Whittle Communications L.P. said it received a $ 150 million line of credit that will be used to expand its media properties and create new ones.
Whittle executives said the credit agreement increases its overall revolving credit facility to $ 150 million from $ 90 million.
Gerry Hogan, a Whittle vice chairman, said the new credit line is a “more attractive financing package” that will refinance existing credit lines and fund the expansion of Channel One, a satellite-delivered news program for schools, from about 9,600 schools to more than 12,000 by end of this school year. The money will also go to develop the Medical News Network, an interactive video news service delivered to doctors’ desks by satellite. It is scheduled to begin operation early next year.
The credit refinancing doesn’t affect or involve Whittle’s ownership, which includes a 25% stake by Philips Electronics N.V. and a 37.5% stake owned by Time Warner Inc.