Entercom Media Raises $540M Via Upsized Institutional Debt Offering

Media and entertainment company Entercom Communications Corp’s (NYSE: ETM) subsidiary Entercom Media Corp priced $540 million in 6.75% senior secured second-lien notes due 2029 in an upsized private institutional offering.

• The offering size was upsized from the previously announced $500 million.
• The sale of the notes is expected to close on March 25, 2021.
• The offering proceeds would be utilized to repay its 7.25% senior notes due 2024 and partially repay its senior secured credit facility.
• Entercom’s total long-term debt balance was $1.7 billion as of December 31, 2020
• Price action: ETM stock was down 2.02% at $6.07 on the last check Friday.