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Latham & Watkins Advises Initial Purchaser in Spanish Broadcasting System, Inc.’s US$310 Million Senior Secured Notes Offering

February 12, 2021
Capital markets team represented the initial purchaser in the offering by the owner and operator of radio stations in the top US Hispanic markets.

Spanish Broadcasting System, Inc. has announced that it has priced an offering of US$310 million in aggregate principal amount of its senior secured notes due 2026. The Notes will bear interest semi-annually at a rate of 9.75% per annum and were offered at par value. The Notes will be fully and unconditionally guaranteed on a senior secured basis by certain of the Company's subsidiaries, and secured, subject to certain exceptions and permitted liens, on a first-priority basis by the Notes collateral. The closing of the offering is anticipated to take place February 17, 2021, subject to the satisfaction of customary closing conditions. 

Latham & Watkins LLP represented the initial purchaser in the offering with a capital markets team led by New York partners Ian Schuman and Erika Weinberg, with associates John Slater, Tyler Vivian, and Isabelle Sawhney.