Entercom draws down remaining $146.5 million under revolver

By Wendy Van Sickle

Columbus, Ohio, March 31 – Entercom Communications Corp. drew $96.5 million under its revolving credit facility on March 25 and $50 million on March 18, according to an 8-K filed with the Securities and Exchange Commission.

The combined borrowings of $146.5 million constitute substantially all remaining amounts available under the revolver, the company said.

About $227.3 million of the revolver will mature on Aug. 19, 2024, and about $22.7 million will mature on Nov. 17, 2022.

Upon receipt of the proceeds from the latest draw, Entercom had about $180 million in cash and cash equivalents on its balance sheet.

The amounts drawn under the revolver were borrowed as a precautionary measure to preserve financial flexibility and may be used for working capital, general corporate or other purposes.

Entercom is a Philadelphia-based media and entertainment company.

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