Westwood One seeks refinancing


Westwood One says it is in discussions with its lending banks and noteholders regarding its need to refinance its bank loan, which expires February 28, 2009 and has $35 million outstanding after a $110 million paydown in 2008. Also, $50 million of senior secured notes are due to mature in November 2009. WW1 said it completed the most recent phase of its “re-engineering program” for its Metro Networks traffic division on Monday. Once the entire program is completed it is projected to save $25-30 million annually. WW1 management also completed a national roadshow, telling investors that recent revenue initiatives are beginning to gain traction and will impact 2009 results.