Townsquare Media sets roadshow for $320 million eight-year notes

By Paul A. Harris

Portland, Ore., March 23 – Townsquare Media Inc. began a roadshow on Monday in New York City for a $320 million offering of eight-year senior notes (B3/B-), according to a market source.

An investor call is scheduled to get underway at 12:30 p.m. ET on Monday.

The roadshow moves to Boston on Tuesday.

BofA Merrill Lynch, RBC Capital Markets, SunTrust Robinson Humphrey Inc., Macquarie Capital and Jefferies LLC are the joint bookrunners for the Rule 144A and Regulation S for life offering.

The notes become callable after three years at par plus 75% of the coupon and feature a three-year 40% equity clawback.

The Greenwich, Conn.-based radio broadcaster and media company plans to use the proceeds, along with a $305 million credit facility, to refinance bank debt and fund the redemption of the Townsquare Radio LLC 9% senior notes due Feb. 1, 2015 on April 1, 2015 at 106.75.

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