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Townsquare reports lowest leverage in its history, will keep reducing
By Devika Patel
Knoxville, Tenn., March 16 – Townsquare Media, Inc. plans to keep reducing its net leverage over the next two years, even after having achieved the lowest net leverage ratio in the company’s history, 4.6x as of Dec. 31, 2019.
“Our strong revenue growth, coupled with our disciplined expense management, allowed us to reduce net leverage to 4.6x as of Dec. 31, a reduction of 0.5x year over year and the lowest net leverage level in our company's history,” chief executive officer Bill Wilson stated in a press release.
“Our current net leverage level is the lowest in the company's history,” executive vice president and chief financial officer Stuart Rosenstein said on the company’s fourth quarter and year ended Dec. 31, 2019 earnings conference call on Monday.
“Absent other accretive opportunities, we remain focused on reducing our net leverage over the course of the next 12 to 24 months,” Rosenstein said.
Adjusted EBITDA for the quarter was $24.1 million, compared to $24.8 million in the same period last year. Adjusted EBITDA for the year was $102.4 million, compared to $95 million in the prior year.
As of Dec. 31, 2019, Townsquare had a total of $84.7 million of cash on hand and $50 million of available borrowing capacity under its revolving credit facility.
As of Dec. 31, 2019, the company had $560.5 million of outstanding debt, representing 5.5x gross leverage and 4.6x net leverage, based on adjusted EBITDA for the year ended Dec. 31, 2019 of $102.4 million.
Townsquare is a Greenwich, Conn.-based diversified media and entertainment and digital marketing services company.
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