Published on 12/10/2019 in the Prospect News High Yield Daily.
New Issue: Entercom sells $100 million tap of 6½% secured notes due 2027 at 105 to yield 5.661%
By Paul A. Harris
Portland, Ore., Dec. 10 – Entercom Communications Corp. price a $100 million add-on to the Entercom Media Corp. 6½% senior secured second-lien notes due May 1, 2027 at 105 to yield 5.661% in a Tuesday drive-by, according to a market source.
BofA Securities Inc. managed the sale.
The company originally sold $325 million of the notes in April 2019.
The Bala Cynwyd, Pa.-based media and entertainment company, formerly CBS Radio Inc., plans to use the proceeds to repay debt under its term loan.
Issuer: | Entercom Media Corp., a subsidiary of Entercom Communications Corp.
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Amount: | $100 million
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Maturity: | May 1, 2027
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Security description: | Add-on to 6½% senior secured second-lien notes due May 1, 2027
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Manager: | BofA Securities Inc.
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Coupon: | 6½%
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Price: | 105
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Yield: | 5.661%
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First call date: | May 1, 2022
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Trade date: | Dec. 10
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Distribution: | Rule 144A and Regulation S
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Marketing: | Quick to market
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Original issue size: | $325 million priced in April 2019
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Total issue size: | $425 million
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