Townsquare Media, known for its portfolio of radio stations across small and mid-sized markets, coupled with an expanding digital and programmatic presence, has secured a significant financial arrangement with Bank of America.
On February 19, 2025, the company entered into a substantial $490 million credit agreement with the prominent financial institution, which is acting as both the administrative agent and collateral agent. The details of this transaction were formally disclosed to the Securities and Exchange Commission earlier this week, on Monday, February 24, 2025.
The primary purpose of this agreement with Bank of America was to refinance and restructure Townsquare’s existing debt. Specifically, the company utilized approximately $453 million in net proceeds from the “Senior Secured Credit Facility”—an amount calculated after accounting for original issue discounts, fees, expenses, and an initial $10 million draw from the Revolving Credit Facility at closing. Combined with available cash reserves, these funds were directed toward redeeming all of Townsquare Media’s outstanding 6.875% senior secured notes, which were originally set to mature in 2026. The total redemption value of those notes stood at $467.4 million, marking a significant step in optimizing the company’s debt profile.
Under the terms of the new agreement, the Term Loan Facility is scheduled to mature on February 19, 2030, aligning with the maturity date for any revolving loans drawn under the Revolving Credit Facility. This extended timeline provides Townsquare Media with a stable, long-term financing structure as it continues to grow its footprint in both traditional radio and digital media sectors.
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