Entercom Refinances With New Credit Facility

New Loan, Revolver

ENTERCOM COMMUNICATIONS CORP. and its ENTERCOM RADIO LLC subsidiary have entered into a new senior secured credit facility, refinancing its existing senior secured credit facility and redeeming (as of DECEMBER 1st) its $220 million 10.5% Senior Notes due 2019, discharging the notes' indenture.

The new credit facility includes a $480 million term loan with seven year maturity and a $60 million revolving credit facility with a five year maturity at LIBOR plus 3.5%; the term loan is at the same rate with a LIBOR floor of 1%. 

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