LOAN TERMS REVEALED IN CBS RADIO-ENTERCOM DEAL

The pricing of a term loan in conjunction with the CBS Radio-Entercom merger was announced today. The seven-year, $500-million secured loan will serve to help refinance Entercom’s capital structure, repay its existing term loan and redeem its preferred stock. The loan is expected to be funded at the close of the merger.

Last month, the radio giants announced their merger, which will make them the nation’s second largest radio group, revenue-wise, behind iHeart Media. The new company, to be called Entercom, will have 244 stations nationwide, and, more importantly, a presence in 23 of the top 25 U.S. markets.