SBS reduces debt a bit


Spanish Broadcasting System announced a letter agreement with BC Media Funding Company to buy back a non-interest bearing promissory note due in January for $18.35 million, a discount of $150,000 to its face value of $18.5 million. SBS says it used cash on hand and $15 million drawn from its revolving credit facility, so some quick math shows that it reduced its debt outstanding by $3.5 million.