Entercom Radio downsizes offering to $220 million, talks eight-year notes with 10%-10¼% yield

By Paul A. Harris

Portland, Ore., Nov. 17 - Entercom Radio, LLC shifted $30 million of proceeds to its term loan from its bond deal, reducing its offering of eight-year senior notes (Caa1/B-) to $220 million from $250 million, an informed source said on Thursday.

The deal is talked with a yield range of 10% to 10¼%.

The order books close at 11 a.m. ET on Friday.

Bank of America Merrill Lynch is the left bookrunner. Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. are the joint bookrunners.

Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey Inc. are the co-managers.

The Rule 144A with registration rights notes come with four years of call protection and feature a 101% poison put.

With the downsizing of the bonds Entercom increased the size of its term loan B to $375 million from $345 million. The notes offering is conditioned on the entry into the new credit facilities.

Proceeds, together with proceeds from the term loan and a $50 million five-year revolver, will be used to repay the existing credit facilities and for general corporate purposes.

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

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