Citadel Broadcasting to repay bank debt with IPO proceeds

By Sara Rosenberg

New York, May 29 - Citadel Broadcasting Corp. plans to use proceeds from an initial public offering to repay bank debt, in the order of first repaying revolver debt, then repaying term loan B debt and, lastly, repaying term loan A debt. JPMorgan Chase Bank is the lead bank on the credit facility.

It is estimated that the company will receive approximately $288 million in net proceeds from the IPO, according to a filing with the Securities and Exchange Commission.

As of March 31, the Las Vegas radio broadcasting company had $97.5 million outstanding under its revolver, $184.9 million outstanding under its term loan B and $231.1 million outstanding under its term loan A. The effective interest rate at that time was 3.81%.

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