Townsquare Media Sets Pricing Of $300 Million Senior Notes Offering
March 25, 2015 at 4:00 AM (PT)
TOWNSQUARE MEDIA has priced an offering of $300 million in aggregate principal amount of its 6.500% senior notes due 2023 to qualified institutional buyers. The Notes will bear interest semi-annually at a rate equal to 6.500% per annum and were offered at par value.
The closing of the offering is anticipated to take place on or about APRIL 1st, 2015, subject to customary closing conditions.
As previously announced, the Company intends to use the net proceeds from the offering, together with cash on hand and its borrowings under a new senior secured credit facility, which is expected to be entered into concurrently with the completion of the offering of the Notes, to refinance the Company’s existing senior secured credit facility and to redeem the remaining $410.9 million aggregate principal amount of the outstanding 9.00% senior notes due 2019 issued by TOWNSQUARE RADIO, LLC and TOWNSQUARE RADIO, INC., two of the Company’s wholly-owned subsidiaries.