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Entercom Communications Corp. (“Entercom” or the “Company”) (NYSE: ETM) announced today that its wholly owned finance subsidiary Entercom Radio, LLC (“Entercom Radio”) plans to offer in a private offering, subject to market conditions and other factors, $250 million aggregate principal amount of senior notes due 2019 (“Notes”). The Notes will be guaranteed by Entercom and all of Entercom Radio’s existing and future domestic, restricted subsidiaries that guarantee Entercom Radio’s debt under the new credit facilities to be entered into at the time of the closing of the offering (the “New Credit Facility”), other than Entercom Radio’s subsidiaries that hold no material assets other than Entercom’s FCC licenses (the “License Subsidiaries”), which will guarantee the Notes on a senior subordinated basis.
Entercom Radio intends to use the net proceeds from the offering, together with initial borrowings under the New Credit Facility and cash and cash equivalents, to repay its existing senior secured credit facilities, to pay fees and expenses in connection with the offering and the New Credit Facility and for general corporate purposes.
The Notes, the Entercom guarantee and the subsidiary guarantees have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements. This offering will be made only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (“Securities Act”), and to non-U.S. persons in accordance with Regulation S under the Securities Act.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.