Townsquare Media firms $45 million add-on loan at discount of 99.625

By Sara Rosenberg

New York, Aug. 21 – Townsquare Media Inc. finalized the original issue discount on its fungible $45 million add-on term loan (BB-) at 99.625, within the 99.5 to 99.75 talk, according to a market source.

Pricing on the add-on term loan is Libor plus 325 basis points with a 1% Libor floor, in line with existing term loan pricing.

RBC Capital Markets is the lead bank on the deal.

Proceeds will be used to help fund the acquisition of North American Midway Entertainment LLC for about $75.5 million, subject to certain working capital and other adjustments.

Townsquare Media is a Greenwich, Conn.-based diversified media and entertainment and digital marketing services company. North American Midway Entertainment is a Farmland, Ind.-based provider of rides, games and food concessions.

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