Recovery Report: Townsquare Radio LLC's Recovery Rating Profile Jul 12
Standard & Poors, July 2012
Abstract
We are updating our recovery analysis on U.S. radio station operator Townsquare Radio LLC, to reflect its issuance of a new unrated $105 million incremental term loan facility. This new term debt ranks ahead of the company's unsecured senior notes in the capital structure. The company is using the incremental facility, in addition to cash, to fund the acquisition of radio stations from, and asset exchange with, Cumulus Broadcasting LLC. Our issue-level and recovery ratings on the company's existing debt remain unchanged. Standard & Poor's Ratings Services' simulated default scenario contemplates a default in 2016, stemming from pressure on advertising revenue amid an economic downturn or competition from traditional or alternative media, combined with missteps in integrating acquired radio stations....
Companies mentioned in this report are: Townsquare Radio LLC,Townsquare Radio Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Townsquare Radio LLC,Townsquare Radio Inc.
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