Entravision says Q2 revenues were up in a range of 9-10%. The early peek at the financials was made as the radio/TV group operator announced plans to refinance its debt.
According to preliminary estimates, Entravision said Monday that Q2 revenues were in a range of $53.3-53.5 million, up 9-10% from $48.7 million for the same period of 2009. The revenue figure is for radio and television combined.
Entravision announced that it plans to offer $385 million in new senior secured notes due 2017. The private offering to qualified institutional buyers is expected to close on or about July 27th. The company also plans to enter a new revolving credit facility of up to $50 million.
The proceeds from the refi will be used to repay in full Entravision’s outstanding indebtedness under its existing syndicated bank credit facility, with any excess going to “general corporate purposes.”
As of the end of Q1 Entravision reported long-term debt of $359.5 million.