Townsquare Media on Wednesday told the SEC that it has successfully completed the previously announced sale of $550 aggregate principal amount of its 6.875% senior secured notes due 2026 at an issue price of 100.0%.
The New Notes mature on February 1, 2026. Interest is payable on the New Notes semi-annually in cash in arrears on February 1 and August 1 of each year, commencing on August 1, 2021.
Townsquare used a portion of the net proceeds from the New Notes Offering to repay
borrowings under its term loan facility provided under the Existing Credit Agreement. The company also intends to use a portion of the net proceeds from the New Notes Offering,
together with cash on hand, to redeem all of its outstanding 6.500% senior notes due 2023 on January 14 and to pay the premium, fees and expenses related thereto.
The New Notes were issued and sold in a private offering to persons reasonably
believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and to non-U.S. persons outside of the United States pursuant to Regulation S under the Securities Act.
The New Notes and related guarantees will not be registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.