Entercom buys back $17.3 million notes in quarter, calls 7 5/8% notes

By Susanna Moon

Chicago, Feb. 23 - Entercom Communications Corp. said it repurchased $17.3 million of its senior subordinated notes during the quarter ended Dec. 31.

During the quarter, the company reduced its outstanding net senior and senior subordinated debt by $36.9 million. As of Dec. 31, Entercom had $10.8 million in cash and cash equivalents, $729.2 million of senior debt and $6.6 million of senior subordinated notes.

The company said it plans to redeem its outstanding 7 5/8% senior subordinated notes on March 8.

Entercom reduced its outstanding net senior and senior subordinated debt by $104 million in 2009, including the repurchase of $76.9 million of its senior subordinated notes at a discount.

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

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