Published on 4/23/2019 in the Prospect News High Yield Daily.
New Issue: Entercom sells upsized $325 million eight-year secured notes at par to yield 6½%
By Paul A. Harris
Portland, Ore., April 23 – Entercom Media Corp. priced an upsized $325 million issue of eight-year senior secured second-lien notes (B2/B-) at par to yield 6½% on Tuesday, according to market sources.
The issue size increased from $300 million.
The yield printed at the tight end of the 6½% to 6¾% yield talk and well inside of initial guidance of 6 7/8% to 7 1/8%.
BofA Merrill Lynch was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities LLC, 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.
The Bala 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.
| Issuer: | Entercom Media Corp.
|
| Amount: | $325 million, increased from $300 million
|
| Maturity: | May 1, 2027
|
| Securities: | Senior secured notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities LLC, 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
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 400 bps
|
| First call date: | May 1, 2022
|
| Trade date: | April 23
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| Settlement date: | April 30
|
| Ratings: | Moody's: B2
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6½% to 6¾%
|
| Marketing: | Roadshow
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