Entercom has scheduled a bank meeting for today to launch a refinancing of all of its existing senior and senior unsecured debt. The Company expects to enter into a new $520 million senior secured credit facility composed of a $60 million revolving credit facility with a 5 year maturity and a $460 million term loan B with a 7 year maturity. As of September 30, Entercom had $443.6 million of senior debt, capital leases and senior notes and $9.9 million in cash. In addition, the Company had $27.7 million in perpetual cumulative convertible preferred stock including accrued dividends
The transaction will be led by Bank of America Merrill Lynch, Morgan Stanley Senior Funding, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC as joint lead arrangers and bookrunners.