By Paul A. Harris
Portland, Ore., Oct. 13 – Audacy, Inc. priced a $45 million fungible add-on to the Entercom Media Corp. 6½% senior secured second-lien notes due May 1, 2027 (B3/B-) at 100.75 in a Wednesday drive-by, according to market sources.
The deal priced at the rich end of the 100.5 to 100.75 price talk and rich to early guidance in the 100.25 area.
Citigroup Global Markets Inc. ran the books.
The issuer of record is Audacy Capital Corp.
Audacy, formerly known as Entercom Media, is a Philadelphia-based broadcasting company.
The company is in the process of completing a small digital acquisition for approximately $40 million and expects to fund it through a draw on its revolver. Proceeds from the add-on will be used to pay down the issuer's term loan to offset the impact of the revolver draw.
| Issuer: | Audacy Capital Corp.
|
| Amount: | $45 million
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| Maturity: | May 1, 2027
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| Security description: | Add-on to 6½% senior secured second-lien notes due May 1, 2027
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Coupon: | 6½%
|
| Price: | 100.75
|
| Yield to worst (May 1, 2025): | 6.259%
|
| Yield to maturity: | 6.337%
|
| First call: | May 1, 2022 at 104.875
|
| Trade date: | Oct. 13
|
| Settlement date: | Oct. 20
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 100.5 to 100.75
|
| Marketing: | Drive-by
|
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