New Issue: Entercom $150 million 12-year notes yield 7 5/8%

By Paul A. Harris

St. Louis, Mo., Feb. 27 - Entercom Radio LLC priced $150 million of senior subordinated notes due March 1, 2014 (Ba3/B+) at par to yield 7 5/8%, according to syndicate sources.

Price talk on the off-the-shelf deal was 7 5/8%-7 7/8%.

Credit Suisse First Boston and Deutsche Banc Alex. Brown were joint bookrunners. Banc of America Securities and Morgan Stanley were co-managers.

The Bala Cynwyd, Pa.-based radio broadcasting company intends to use the proceeds to repay bank debt, to fund acquisitions and for general corporate purposes.

Issuer:	Entercom Radio LLC
Amount:	$150 million
Maturity:	March 1, 2014
Type:	Senior subordinated notes
Bookrunners:	Credit Suisse First Boston, Deutsche Banc Alex. Brown
Coupon:	7 5/8%
Price:	Par
Yield:	7 5/8%
Spread:	279 basis points over the 10-year Treasury
Call features:	Callable on March 1, 2007 at 103.813, 102.542, 101.271, par on March 1, 2010 and thereafter
Equity clawback:	Until March 1, 2005 for 35% at 107.625
Settlement date:	March 5 (T+4)
Ratings:	Moody's: Ba3
	Standard & Poor's: B+
Cusip:	29363RAA8

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.