Spanish Broadcasting System Launches $310 Million Note Offering, Estimated Q4 Revenue Down Year-To-Year

Refinancing, Revenue Down Year-To-Year

SPANISH BROADCASTING SYSTEM, INC. has launched an offering of $310 million in senior secured notes due 2026 while also issuing preliminary financial result for fourth quarter 2020, projecting revenue of $39.1-40.2 million, a 13%-15% decrease from 2019, and Adjusted OIBDA down 18%-24% year-to-year to $15.3-16.4 million.

SBS says it will use the net proceeds of the offering as well as some cash on hand to repay its 12.5% senior secured notes due 2017 and repurchase and/or redeem its outstanding 10 3/4% Series B cumulative exchangeable redeemable preferred stock, plus fees and expenses.

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