By Paul A. Harris
Portland, Ore., March 24 – Townsquare Media Inc. priced a downsized $300 million issue of eight-year senior notes (B3/B-) at par to yield 6½% on Tuesday, according to a syndicate source.
The deal was downsized from $320 million.
The yield printed at the wide end of the 6¼% to 6½% yield talk.
BofA Merrill Lynch was the left bookrunner. RBC Capital Markets, SunTrust Robinson Humphrey Inc., Macquarie Capital and Jefferies LLC were the joint bookrunners.
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’s 9% senior notes due April 1, 2019 on April 1 at 106.75.
| Issuer: | Townsquare Media, Inc.
|
| Amount: | $300 million, downsized from $320 million
|
| Maturity: | April 1, 2023
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | RBC Capital Markets, SunTrust Robinson Humphrey Inc., Macquarie Capital, Jefferies LLC
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 477 bps
|
| Call protection: | Three years
|
| Trade date: | March 24
|
| Settlement date: | April 1
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¼% to 6½%
|
| Marketing: | Roadshow
|
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