First Broadcasting, Wells Fargo Team Up

First Broadcasting, Wells Fargo Team Up
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First Broadcasting, Wells Fargo Team Up

First Broadcasting Investment Partners, LLC said its First Broadcasting Sacramento subsidiary has established a $23.5 million secured credit facility with Wells Fargo Foothill, part of Wells Fargo & Company. First Broadcasting Sacramento owns and operates KREL(FM) and KXCL(FM) in Sacramento.
"Given the extraordinary success of our Sacramento operations, numerous financial institutions sought to provide long term capital for these assets. We selected Wells Fargo Foothill because we believe that they will be an outstanding financial partner for us in this and other projects in the future," said Gary Lawrence, President and Vice Chairman of First Broadcasting.
First Broadcasting is a partnership between Alta Communications and First Broadcasting Investments, LP. Based in Dallas, First Broadcasting has invested more than $200 million in numerous transactions across the country and owns radio stations in 30 markets.