Entercom Communications (NYSE:ETM)
Historical Stock Chart
1 Year : From Dec 2018 to Dec 2019
Entercom Communications Corp. (NYSE: ETM) (“Entercom”), a leading media
and entertainment company and one of the two largest radio broadcasters
in the United States, announced today that Entercom Media Corp.
(formerly CBS Radio Inc.) (the “Issuer”), its wholly owned subsidiary,
has priced $325 million in aggregate principal amount of 6.500% senior
secured second-lien notes due 2027 (the “Notes”). The sale of the Notes
is expected to close on April 30, 2019, subject to customary closing
conditions. The Issuer expects to use the net proceeds of the offering,
cash on hand and availability under its revolving credit facility to
partially repay existing indebtedness under its senior secured term loan
facility.
The Notes will be fully and unconditionally guaranteed on a senior
secured second-lien basis by each direct and indirect subsidiary of the
Issuer, subject to the terms of the Indenture. The Notes and the related
guarantees will be secured on a second-priority basis by liens on
substantially all of the assets of the Issuer and the guarantors.
The Notes were offered in a private offering exempt from the
registration requirements of the U.S. Securities Act of 1933, as amended
(the “Securities Act”). The Notes were offered and sold only to persons
reasonably believed to be qualified institutional buyers in accordance
with Rule 144A under the Securities Act and to certain persons outside
the United States in reliance on Regulation S under the Securities Act.
The Notes have not been and will not be registered under the Securities
Act, any state securities laws or the securities laws of any other
jurisdiction, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration.
This press release is neither an offer to sell nor a solicitation of an
offer to buy the Notes or any other securities and shall not constitute
an offer to sell or a solicitation of an offer to buy, or a sale of, the
Notes or any other securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Entercom Communications Corp.
Entercom is a leading American media and entertainment company reaching
and engaging over 170 million people each month through its premier
collection of highly rated, award winning radio stations, digital
platforms and live events. As one of the country’s two largest radio
broadcasters, Entercom offers integrated marketing solutions and
delivers the power of local connection on a national scale with coverage
of close to 90% of persons 12+ in the top 50 markets. Entercom is the #1
creator of live, original, local audio content and the nation’s
unrivaled leader in news and sports radio. Learn more about
Philadelphia-based Entercom at www.entercom.com,
Facebook and Twitter (@Entercom).
Forward-Looking Statements
This press release includes “forward-looking statements” within the
meaning of the U.S. federal securities laws. Forward-looking statements
are subject to known and unknown risks and uncertainties, many of which
may be beyond our control. For a discussion of some of the risks and
important factors that could affect such forward-looking statements, see
the section entitled “Risk Factors” in Entercom’s Annual Report on Form
10-K for the year ended December 31, 2018 filed with the U.S. Securities
and Exchange Commission. We caution you that the forward-looking
statements in this press release are not a guarantee of future events
and that actual events may differ materially from those made in or
suggested by the forward-looking statements contained in this press
release. In addition, forward-looking statements generally can be
identified by the use of forward-looking terminology such as “may,”
“plan,” “seek,” “comfortable with,” “will,” “expect,” “intend,”
“estimate,” “anticipate,” “believe” or “continue” or the negative
thereof or variations thereon or similar terminology. Any
forward-looking statements in this press release are made only as of the
date of this press release, and we do not undertake any obligation to
update or revise publicly any forward-looking statements to reflect
changes in assumptions, the occurrence of unanticipated events, or
otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190423006002/en/
Richard SchmaelingExecutive Vice President and CFOEntercom(610)
660-5686Richard.Schmaeling@entercom.com
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