Publish date:

Citadel Broadcasting Climbs in Return to Market

The company's shares gain 7% after its initial public offering was priced at $19.
Author:

Citadel Broadcasting

(CDL) - Get Report

began trading Friday after completing an initial public offering of 22 million shares priced at $19 each.

Shares of Citadel were recently gaining $1.43, or 7.5%, to $20.43.

Citadel was publicly traded until 2001, when the company was taken private by Forstmann Little. The company, which granted the underwriters an overallotment option to purchase up to 3.3 million additional shares, will be listed on the

TheStreet Recommends

New York Stock Exchange

.

The company plans to use the proceeds from the offering to repay about $389 million of debt currently outstanding under the company's existing credit facility.

Goldman Sachs and Credit Suisse First Boston led the underwriting group, which also included Deutsche Bank Securities, Merrill Lynch, Bear Stearns and others.

Citadel is a radio broadcaster that owns or operates 144 FM and 63 AM radio stations in 42 markets, including clusters of four or more stations in 33 markets.