Entercom Starts $300 Mln Offering of Senior Secured Second-Lien Notes

Entercom Communications (ETM), a media and entertainment company, said pre-market Monday that its Entercom Media unit, formerly known as CBS Radio Inc., plans to offer $300 million of senior secured second-lien notes due 2027.

The Philadelphia company said in a statement that it expects to use the net proceeds of the offering, cash on hand and availability under its revolving credit facility to partially repay existing indebtedness under its senior secured term loan facility.

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The notes will be fully and unconditionally guaranteed on a senior secured second-lien basis by each direct and indirect subsidiary of the Issuer.

The notes and the related guarantees will be secured on a second-priority basis by liens on substantially all of the assets of the issuer and the guarantors.