In January, the Company announced a new multi-year agreement to broadcast Buffalo Bills games, beginning with the 2012 season. The Buffalo Bills Radio Network will be broadcast on the Company’s stations in Buffalo and Rochester.
During the quarter, the Company entered into a new $425 million credit facility, including a $50 million revolver and $375 million term loan, and issued $220 million in principal amount of senior notes. The proceeds of the refinancing were used to repay the Company’s prior credit facility which was scheduled to mature on June 30, 2012. The new revolver matures in 2016, the term loan matures in 2018 and the senior notes mature in 2019.
During the year, the Company reduced its outstanding net senior debt by $47.9 million. As of December 31, 2011, the Company had $3.6 million in cash and $602.2 million of senior debt. Since 2007, the Company has reduced its outstanding net senior and senior subordinated debt by more than $360 million.Earnings Conference Call and Company Information Entercom will hold a conference call regarding the quarterly earnings release on February 28, 2012 at 4:30 PM Eastern Time. Investors will have the opportunity to submit questions to the Company regarding the fourth quarter earnings release by emailing their inquiries to questions@Entercom.com. Questions should be sent at least 10 minutes prior to the call. The Company will only discuss inquiries made by email prior to the conference call. The public may access the conference call by dialing 888-889-0278 (passcode: Entercom). A replay of the conference call will be available and can be accessed either by dialing 800-679-9655 or by visiting the Company’s website: www.entercom.com. Additional information and reconciliation of same station results are available on the Company’s website at www.entercom.com. Entercom Communications Corp. is one of the five largest radio broadcasting companies in the United States, with a nationwide portfolio in excess of 100 stations in 23 markets, including San Francisco, Boston, Seattle, Denver, Portland, Sacramento and Kansas City. Known for developing unique and highly successful, locally programmed stations, Entercom is home to some of radio’s most distinguished brands and compelling personalities. The Company is also the radio broadcast partner of the Boston Red Sox, Boston Celtics, Kansas City Royals, New Orleans Saints, Oakland A’s, San Jose Sharks, Memphis Grizzlies, Buffalo Sabres and Buffalo Bills.
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