CBS Radio Inc. is now a wholly owned subsidiary of Entercom Communications — the result of the Reverse Morris Trust-fueled acquisition of CBS Radio’s AMs and FMs by the radio broadcasting company led by President/CEO David Field.
That explains why CBS Radio announced consent solicitations from holders of its outstanding 7.25% Senior Notes due 2024 to approve “certain amendments” to an Oct. 17. 2016 indenture.
Specifically, the consents are needed to “align certain definitions in the indenture with the corresponding definitions in CBS Radio’s credit facility.”
No problem: CBS Radio received the requisite consents; the consent solicitation expired at 5pm Eastern on Friday (12/8).
CBS Radio needed consents from holders of at least a majority in principal amount of all outstanding notes, voting as a single class.
Once those consents were given, the amendments were finalized and are now operative.
Entercom says CBS Radio intends to pay the consent payment “as promptly as practicable,” on the terms and subject to the conditions set forth in the Consent Solicitation Statement, dated Dec. 1.
Entercom directed inquires to information and tabulation agent D.F. King & Co., Inc., via e-mail at [email protected].
Acting as Solicitation Agent is RBC Capital Markets.
