Entercom completes convertible redemption, $60 million converted

New York, April 7 - Entercom Communications Corp. said it completed the redemption of the 6¼% convertible subordinated debentures due 2014 issued by Entercom Communications Capital Trust.

The Bala Cynwyd, Pa. radio broadcaster said holders converted 1.2 million of the securities - equivalent to $60 million principal amount - into 1.4 million shares of class A common stock ahead of the redemption.

For the remaining convertibles, Entercom paid a total of $66.1 million in cash, including a redemption premium of $2.0 million and $0.1 million of accrued interest. The company paid $51.563 per $50 par amount.

Funding came from available cash and the company's revolving credit facility.

Entercom originally issued $125 million of the securities, which use the Tides structure, in 1999 and all remained outstanding until the call for redemption.

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