Entercom Announces Launch of $300 Million Offering of Senior Secured Second-Lien Notes
April 22 2019 - 7:56AM
Business Wire
Entercom Communications Corp. (NYSE: ETM) (“Entercom”), a
leading media and entertainment company and one of the two largest
radio broadcasters in the United States, announced today that
Entercom Media Corp. (formerly CBS Radio Inc.) (the “Issuer”), its
wholly owned subsidiary, plans to offer, subject to market
conditions and other factors, $300 million in aggregate principal
amount of senior secured second-lien notes due 2027 (the “Notes”).
The Issuer expects to use the net proceeds of the offering, cash on
hand and availability under its revolving credit facility to
partially repay existing indebtedness under its senior secured term
loan facility.
The Notes will be fully and unconditionally guaranteed on a
senior secured second-lien basis by each direct and indirect
subsidiary of the Issuer. The Notes and the related guarantees will
be secured on a second-priority basis by liens on substantially all
of the assets of the Issuer and the guarantors.
The Notes will be offered in a private offering exempt from the
registration requirements of the U.S. Securities Act of 1933, as
amended (the “Securities Act”). The Notes will be offered and sold
only to persons reasonably believed to be qualified institutional
buyers in accordance with Rule 144A under the Securities Act and to
certain persons outside the United States in reliance on Regulation
S under the Securities Act.
The Notes have not been and will not be registered under the
Securities Act, any state securities laws or the securities laws of
any other jurisdiction, and may not be offered or sold in the
United States absent registration or an applicable exemption from
registration.
This press release is neither an offer to sell nor a
solicitation of an offer to buy the Notes or any other securities
and shall not constitute an offer to sell or a solicitation of an
offer to buy, or a sale of, the Notes or any other securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Entercom Communications Corp.
Entercom is a leading American media and entertainment company
reaching and engaging over 170 million people each month through
its premier collection of highly rated, award winning radio
stations, digital platforms and live events. As one of the
country’s two largest radio broadcasters, Entercom offers
integrated marketing solutions and delivers the power of local
connection on a national scale with coverage of close to 90% of
persons 12+ in the top 50 markets. Entercom is the #1 creator of
live, original, local audio content and the nation’s unrivaled
leader in news and sports radio. Learn more about
Philadelphia-based Entercom at www.entercom.com, Facebook and
Twitter (@Entercom).
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the U.S. federal securities laws. Forward-looking
statements are subject to known and unknown risks and
uncertainties, many of which may be beyond our control. For a
discussion of some of the risks and important factors that could
affect such forward-looking statements, see the section entitled
“Risk Factors” in Entercom’s Annual Report on Form 10-K for the
year ended December 31, 2018 filed with the U.S. Securities and
Exchange Commission. We caution you that the forward-looking
statements in this press release are not a guarantee of future
events and that actual events may differ materially from those made
in or suggested by the forward-looking statements contained in this
press release. In addition, forward-looking statements generally
can be identified by the use of forward-looking terminology such as
“may,” “plan,” “seek,” “comfortable with,” “will,” “expect,”
“intend,” “estimate,” “anticipate,” “believe” or “continue” or the
negative thereof or variations thereon or similar terminology. Any
forward-looking statements in this press release are made only as
of the date of this press release, and we do not undertake any
obligation to update or revise publicly any forward-looking
statements to reflect changes in assumptions, the occurrence of
unanticipated events, or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20190422005337/en/
Richard SchmaelingExecutive Vice President and CFOEntercom(610)
660-5686Richard.Schmaeling@entercom.com
Entercom Communications (NYSE:ETM)
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