Entercom plans to redeem $220 million of 10˝% notes due 2019 on Dec. 1

By Tali Rackner

Norfolk, Va., Nov. 7 – Entercom Communications Corp. intends to redeem its $220 million of 10˝% senior notes due 2019 on Dec. 1 with the proceeds from a $540 million new credit facility, according to a press release.

Proceeds were also used to refinance an existing senior secured credit facility.

The new financing will generate about $10 million of annual pro forma interest expense savings as the company’s 10˝% high-yield bonds are replaced by lower-cost senior secured debt, the release said.

Entercom is a Bala Cynwyd, Pa.-based broadcaster.

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