Townsquare Media pulls $282.3 million term loan from market

By Sara Rosenberg

New York, April 3 – Townsquare Media Inc. withdrew its $282.3 million covenant-light first-lien term loan (Ba2/BB-) due April 1, 2022 due to general market conditions, according to a market source.

The term loan was talked at Libor plus 275 basis points with a 1% Libor floor and a par issue price, and had 101 soft call protection for six months.

RBC Capital Markets LLC was the lead arranger and bookrunner on the deal.

Proceeds were going to be used to reprice an existing term loan down from Libor plus 300 bps with a 1% Libor floor.

Townsquare Media is a Greenwich, Conn.-based diversified media and entertainment and digital marketing services company.

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