Townsquare Media launches $255 million term B at Libor plus 375 bps

By Sara Rosenberg

New York, March 17 – Townsquare Media Inc. launched on Tuesday its $255 million seven-year term loan B with price talk of Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 99˝, according to a market source.

The B loan has 101 soft call protection for six months, the source said.

In addition to the term loan B, the company’s $305 million senior secured credit facility (Ba2/BB-) includes a $50 million five-year revolver.

RBC Capital Markets LLC, Bank of America Merrill Lynch, SunTrust Robinson Humphrey Inc., Macquarie Capital (USA) Inc. and Jefferies Finance LLC are the leads on the deal.

Commitments are due on March 30, the source added.

Proceeds will be used to help refinance the company’s existing senior secured credit facility and $410.9 million of 9% senior notes due 2019 issued by Townsquare Radio LLC and Townsquare Radio Inc.

Other funds for the refinancing will come from the issuance of new senior notes.

Townsquare Media is a Greenwich, Conn.-based diversified media and entertainment and digital marketing services company.

© 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.