Spanish Broadcasting to redeem 9 5/8% notes with station sale proceeds

Pittsburgh, Aug. 17 - Spanish Broadcasting System Inc. will use its cash holdings to redeem all or part of its outstanding 9 5/8% senior subordinated notes, according to a company news release.

The company will use $120 million in cash proceeds from the sale of its Southern California stations KZAB-FM and KZBA-FM to Styles Media Group to "finalize a key component in its stated objective of streamlining its balance sheet through a coordinated debt-reduction plan instituted earlier this year," the release said.

The sale of the two radio stations is subject to Federal Communications Commission approval and is expected to close in the fourth quarter.

Spanish Broadcasting System is a Coconut Grove, Fla., Hispanic-controlled radio broadcasting company.

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