Townsquare Announces Successful Refinancing

4-1-2015

Townsquare Media announced on Wednesday the closing of an offering of $300 million in aggregate principal amount of its 6.500 percent senior notes due 2023. Townsquare also announced a $325 million senior secured credit facility, including a new seven-year, $275 million term loan. Both were to complete the company's previously announced redemption of the outstanding 9.00 percent senior notes due 2019, in aggregate principal amount of $410.9 million.

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Cumulus Completes Refinancing

12-23-13

Cumulus announced it has entered into an amended credit agreement, consisting of a $2.025 billion term loan maturing in December 2020 and a $200 million revolving credit facility maturing in December 2018. CEO Lew Dickey said, ?This highly successful refinancing transaction is expected to increase our free cash flow by greater than $30 million annually, extends our maturities through 2020, and simplifies our capital structure. We believe our balance sheet has now placed us at a competitive advantage that positions us well for future growth opportunities.?

The proceeds from the term loan, along with cash on hand, have been used to repay in full all amounts outstanding under the first and second lien term loans under Cumulus? pre-existing credit agreements. Amounts outstanding under the term loan and the revolver, which is currently undrawn, will bear interest at LIBOR + 325 bps, subject to a 1.00 percent LIBOR floor.

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Emmis Completes Refinancing

12-31-12

Emmis announced completion of its new $100 million Credit Agreement. Money from the deal will be used to refinance Emmis' existing Term Loan B, Extended Term Loan B, Senior Unsecured Notes, and for general spending. The new agreement is an $80 million term loan and $20 million revolving line of credit with a five year maturity. The company expects that the deal will enhance steps alread taken to create shareholder value by reducing interest expenses and targeting free cash flow generated for principal repayments.

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