Entercom Media starts roadshow for $300 million eight-year notes; initial talk 6 7/8%-7 1/8%

By Paul A. Harris

Portland, Ore., April 22 – Entercom Media Corp. started what figures to be a brief roadshow on Monday for a $300 million offering of eight-year senior secured second-lien notes (expected ratings B2/B-), according to market sources.

An investor conference call was scheduled to take place late Monday morning.

The roadshow wraps up on Tuesday, and the Rule 144A for life deal is set to price thereafter.

Initial guidance has the deal coming to yield 6 7/8% to 7 1/8%, a trader said.

BofA Merrill Lynch is the left bookrunner. J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, TD Securities (USA) LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the joint bookrunners.

The notes come with three years of call protection.

The Cynwyd, Pa.-based media and entertainment company, formerly CBS Radio Inc., plans to use the proceeds, along with cash on hand and availability under its revolving credit facility, to pay down its existing term loan.

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