New Issue: Townsquare Radio prices $265 million 9% seven-year notes at 99 with to yield 9.197%

By Paul A. Harris

Portland, Ore., March 30 - Townsquare Radio, LLC and Townsquare Radio, Inc. priced a $265 million issue of 9% seven-year senior notes (B3/B/) at 99 to yield 9.197% on Friday, according to a syndicate source.

The yield printed below the midpoint of price talk, which had been set in the 9¼% area.

Bank of America Merrill Lynch was the left bookrunner. Macquarie Capital, RBC Capital Markets and SunTrust Robinson Humphrey were the joint bookrunners.

Proceeds will be used to repay some outstanding debt of subsidiaries.

The issuer is a Greenwich, Conn.-based owner and operator of FM and AM radio stations and websites serving small and mid-sized markets throughout the United States.

Issuer:	Townsquare Radio, LLC and Townsquare Radio, Inc.
Amount:	$265 million
Maturity:	April 1, 2019
Securities:	Senior notes
Left bookrunner:	Bank of America Merrill Lynch
Joint bookrunners:	Macquarie Capital, RBC Capital Markets, SunTrust Robinson Humphrey
Co-managers:	ING, UBS Investment Bank
Coupon:	9%
Price:	99
Yield:	9.197%
Spread:	764 bps
Call features:	Make-whole call at Treasuries plus 50 bps until April 1, 2015, then callable at a premium
Equity clawback:	35% at 109 until April 1, 2015
Trade date:	March 30
Settlement date:	April 4
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	9¼% area
Marketing:	Roadshow

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