Entercom Moves To Refinance Its Debt

Refinancing

ENTERCOM COMMUNICATIONS has announced that it is meeting with banks on TUESDAY (10/17) to launch a refinancing of all of its existing senior and senior unsecured debt.

The expected result of the meeting will be a new $520 million senior secured credit facility, including a $60 million 5-year revolving credit facility and a $460 million seven-year term loan B.  The term loan proceeds will be used to refinance $225 million in existing senior secured bank debt, call its $220 million in 10.5% senior subordinated notes, and pay transaction fees and expenses; Series A Perpetual Convertible Preferred Stock will not be redeemed as part of the refinancing.

BANK OF AMERICA MERRILL LYNCH, MORGAN STANLEY SENIOR FUNDING, INC., RBC CAPITAL MARKETS, LLC and WELLS FARGO SECURITIES, LLC are serving as joint lead arrangers and bookrunners.

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