Audacy to price $45 million tap of 6½% secured notes due 2027 in Wednesday drive-by

By Paul A. Harris

Portland, Ore., Oct. 13 – Audacy, Inc. plans to price a $45 million fungible add-on to the Entercom Media Corp. 6½% senior secured second-lien notes due May 1, 2027 (expected ratings B3/B-) in a Wednesday drive-by, according to market sources.

The deal is talked to price at 100.5 to 100.75, rich to early guidance in the 100.25 area.

Citigroup Global Markets Inc. is the bookrunner for the Rule 144A and Regulation S for life offering.

The notes become callable on May 1, 2022 at 104.875.

The issuer of record will be Audacy Capital Corp.

Audacy, formerly known as Entercom Media, is a Philadelphia-based broadcasting company.

The company is in the process of completing a small digital acquisition for approximately $40 million and expects to fund it through a draw on its revolver. Proceeds from the add-on will be used to pay down the issuer's term loan to offset the impact of the revolver draw.

© 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.