Townsquare Media talks $550 million five-year notes at 7% area yield; pricing Wednesday

By Paul A. Harris

Portland, Ore., Dec. 16 – Townsquare Media, Inc. talked its $550 million offering of senior secured notes due 2026 (B2) to yield in the 7% area, according to market sources.

Official talk comes tight to initial guidance in the low 7% area.

Books close at 1 p.m. ET on Wednesday, and the notes are set to be priced thereafter.

BofA Securities Inc. is the left bookrunner for the Rule 144A for life offering. RBC Capital Markets Corp. and Truist Securities Inc. are the joint bookrunners.

The five-year notes become callable after two years at par plus 50% of the coupon. They feature a two-year 40% equity clawback and a 101% poison put.

The Purchase, N.Y.-based digital media, digital marketing solutions and radio company plans to use the proceeds, together with cash on hand, to repay its term loan and redeem its existing senior notes.

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