Entercom buys back $8.5 million notes at discount in fourth quarter

By Susanna Moon

Chicago, Feb. 24 - Entercom Communications Corp. said it repurchased $8.5 million of its senior subordinated notes at a discount in the fourth quarter ended Dec. 31.

During the quarter, the company reduced its outstanding debt by $41.5 million, bringing its leverage ratio, as defined in its credit agreement, to 5.2 times at the end of the period.

The company previously said it repurchased $16.3 million of its senior subordinated notes in the third quarter ended Sept. 30 and $58 million of the notes in the nine months ended Sept. 30.

Entercom bought back $41.7 million of the notes in the six months ended June 30, 2008.

On Aug. 4, 2008 Entercom reported record free cash flow during the second quarter, which allowed the company to repurchase $10 million of the notes in the public market at a discount.

Entercom is a Bala Cynwyd, Pa., radio broadcasting company.

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