Townsquare Media has priced an offering of $550.0 million in aggregate principal amount 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 were offered at par value. They are senior secured obligations of Townsquare Media and will be guaranteed on a senior secured basis by the company’s direct and wholly owned subsidiaries.
Closing of the offering is anticipated to take place on or about January 6, 2021, subject to customary closing conditions.
As previously reported, Townsquare intends to use the net proceeds from the offering, together with cash on hand, to repay its existing senior secured credit facilities, to redeem all of Townsquare’s outstanding 6.500% senior notes due 2023, and to pay the premium, fees and expenses related to the offering.
Townsquare also intends to terminate its existing senior secured credit facilities, including its existing revolving credit facility.