Published on 3/30/2012 in the Prospect News High Yield Daily.
New Issue: Townsquare Radio prices $265 million 9% seven-year notes at 99 with to yield 9.197%
By Paul A. Harris
Portland, Ore., March 30 - Townsquare Radio, LLC and Townsquare Radio, Inc. priced a $265 million issue of 9% seven-year senior notes (B3/B/) at 99 to yield 9.197% on Friday, according to a syndicate source.
The yield printed below the midpoint of price talk, which had been set in the 9¼% area.
Bank of America Merrill Lynch was the left bookrunner. Macquarie Capital, RBC Capital Markets and SunTrust Robinson Humphrey were the joint bookrunners.
Proceeds will be used to repay some outstanding debt of subsidiaries.
The issuer is a Greenwich, Conn.-based owner and operator of FM and AM radio stations and websites serving small and mid-sized markets throughout the United States.
Issuer: | Townsquare Radio, LLC and Townsquare Radio, Inc.
|
Amount: | $265 million
|
Maturity: | April 1, 2019
|
Securities: | Senior notes
|
Left bookrunner: | Bank of America Merrill Lynch
|
Joint bookrunners: | Macquarie Capital, RBC Capital Markets, SunTrust Robinson Humphrey
|
Co-managers: | ING, UBS Investment Bank
|
Coupon: | 9%
|
Price: | 99
|
Yield: | 9.197%
|
Spread: | 764 bps
|
Call features: | Make-whole call at Treasuries plus 50 bps until April 1, 2015, then callable at a premium
|
Equity clawback: | 35% at 109 until April 1, 2015
|
Trade date: | March 30
|
Settlement date: | April 4
|
Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
Distribution: | Rule 144A and Regulation S for life
|
Price talk: | 9¼% area
|
Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.