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Townsquare Prices $550M Senior Secured Notes Offering
RADIO ONLINE | Wednesday, December 16, 2020 |
Townsquare Media has priced an offering of $550 million of its 6.875% senior secured notes due 2026. The notes will bear interest semi-annually at a rate equal to 6.875% per annum and the closing is expected to take place on or about January 6, 2021.
The company intends to use the net proceeds, together with cash on hand, to repay its existing senior secured credit facilities, to redeem all of the company's outstanding 6.500% senior notes due 2023. Townsquare also intends to terminate its existing senior secured credit facilities, including its existing revolving credit facility.
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