Entercom to draw from $50 million revolver for Lincoln acquisition

By Toni Weeks

San Luis Obispo, Calif., Dec. 9 – Entercom Communications Corp. said it will draw from its existing $50 million revolving credit facility to fund the cash portion of its purchase of Lincoln Financial Media Co. from Lincoln National Life Insurance Co.

According to a press release, the company will also use other financing sources, if necessary, and cash on hand to finance the $77.5 million cash portion of the $105 million transaction.

The Bala Cynwyd, Pa.-based radio broadcasting company will also issue $27.5 million in new perpetual cumulative convertible preferred stock to Lincoln to pay the remaining portion of the acquisition.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.