Citadel Announces Proposed Offering of $500 Million Of Senior Notes
November 29, 2010 at 4:13 AM (PT)
CITADEL BROADCASTING CORPORATION intends to commence an offering of $500 million in "aggregate principal amount of senior notes due 2018." The Notes will be senior unsecured obligations of CITADEL and will be "guaranteed by certain of CITADEL’s existing and future wholly-owned U.S. subsidiaries."
CITADEL expects that the proceeds from the Offering will be used to pay down debt under CITADEL’s current credit facility. Concurrently with the Offering, CITADEL intends to enter into a new credit facility.