By Paul A. Harris
Portland, Ore., Dec. 16 – Townsquare Media, Inc. priced a $550 million issue of five-year senior secured notes (B2/B) at par to yield 6 7/8% on Wednesday, according to market sources.
The yield printed at the tight end of yield talk in the 7% area. Initial guidance was in the low 7% area.
The deal was playing to a $2.5 billion order book at 9 a.m. ET on Wednesday, a trader said.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were RBC Capital Markets Corp. and Truist Securities Inc.
The Purchase, N.Y.-based digital media, digital marketing solutions and radio company plans to use the proceeds, together with cash on hand, to repay its term loan and redeem its existing senior notes.
| Issuer: | Townsquare Media, Inc.
|
| Amount: | $550 million
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| Maturity: | Feb. 1, 2026
|
| Securities: | Senior secured notes
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| Left bookrunner: | BofA Securities Inc.
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| Joint bookrunners: | RBC Capital Markets Corp. and Truist Securities Inc.
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 650 bps
|
| Call protection: | Three years
|
| Trade date: | Dec. 16
|
| Settlement date: | Jan. 6
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7% area
|
| Marketing: | Roadshow
|
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