New Issue: Entercom sells $100 million tap of 6½% secured notes due 2027 at 105 to yield 5.661%

By Paul A. Harris

Portland, Ore., Dec. 10 – Entercom Communications Corp. price a $100 million add-on to the Entercom Media Corp. 6½% senior secured second-lien notes due May 1, 2027 at 105 to yield 5.661% in a Tuesday drive-by, according to a market source.

BofA Securities Inc. managed the sale.

The company originally sold $325 million of the notes in April 2019.

The Bala Cynwyd, Pa.-based media and entertainment company, formerly CBS Radio Inc., plans to use the proceeds to repay debt under its term loan.

Issuer:	Entercom Media Corp., a subsidiary of Entercom Communications Corp.
Amount:	$100 million
Maturity:	May 1, 2027
Security description:	Add-on to 6½% senior secured second-lien notes due May 1, 2027
Manager:	BofA Securities Inc.
Coupon:	6½%
Price:	105
Yield:	5.661%
First call date:	May 1, 2022
Trade date:	Dec. 10
Distribution:	Rule 144A and Regulation S
Marketing:	Quick to market
Original issue size:	$325 million priced in April 2019
Total issue size:	$425 million

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