Published on 2/27/2002 in the Prospect News High Yield Daily.
New Issue: Entercom $150 million 12-year notes yield 7 5/8%
By Paul A. Harris
St. Louis, Mo., Feb. 27 - Entercom Radio LLC priced $150 million of senior subordinated notes due March 1, 2014 (Ba3/B+) at par to yield 7 5/8%, according to syndicate sources.
Price talk on the off-the-shelf deal was 7 5/8%-7 7/8%.
Credit Suisse First Boston and Deutsche Banc Alex. Brown were joint bookrunners. Banc of America Securities and Morgan Stanley were co-managers.
The Bala Cynwyd, Pa.-based radio broadcasting company intends to use the proceeds to repay bank debt, to fund acquisitions and for general corporate purposes.
Issuer: | Entercom Radio LLC
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Amount: | $150 million
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Maturity: | March 1, 2014
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Type: | Senior subordinated notes
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Bookrunners: | Credit Suisse First Boston, Deutsche Banc Alex. Brown
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Coupon: | 7 5/8%
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Price: | Par
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Yield: | 7 5/8%
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Spread: | 279 basis points over the 10-year Treasury
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Call features: | Callable on March 1, 2007 at 103.813, 102.542, 101.271, par on March 1, 2010 and thereafter
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Equity clawback: | Until March 1, 2005 for 35% at 107.625
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Settlement date: | March 5 (T+4)
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Ratings: | Moody's: Ba3
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| Standard & Poor's: B+
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Cusip: | 29363RAA8
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