Spanish Broadcasting (SBSA) Prices $275 Million in Senior Secured Notes Due 2017
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Spanish Broadcasting System, Inc. (Nasdaq: SBSA) today announced the pricing of $275 million in aggregate principal amount of its 12.5% senior secured notes due 2017. The Notes will be issued at a price equal to 97% of the principal amount thereof. The Company expects the offering to close on February 7, 2012, subject to the satisfaction of customary closing conditions.
The proceeds from the Notes, together with cash on hand, are expected to be used to refinance all amounts outstanding under the Company's existing first lien credit agreement due June 10, 2012, and to pay the transaction costs related to the offering. This release contains information about pending transactions, and there can be no assurance that these transactions will be completed.
The proceeds from the Notes, together with cash on hand, are expected to be used to refinance all amounts outstanding under the Company's existing first lien credit agreement due June 10, 2012, and to pay the transaction costs related to the offering. This release contains information about pending transactions, and there can be no assurance that these transactions will be completed.
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