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Spanish Broadcasting Sells $100 Mil in Debt

MIAMI-The locally based Spanish-language radio broadcaster is issuing new senior subordinated debt, payable at 9 5/8%, to help finance an aggressive acquisition strategy.

By David R. Corder | Updated on May 29, 2001

MIAMI-Spanish Broadcasting System Inc. is raising $100 million in new senior subordinated debt due 2009, payable at 9 5/8% interest, as part of an ongoing plan to increase the company’s presence in the largest U.S. metropolitan markets.

The Miami-based owner-operator of Spanish-language radio stations is adding the new debt to $235 million in existing senior subordinated notes due 2009.

In November last year, the company entered into a $250 million asset purchase agreement with the International church of the FourSquare Gospel to acquire the Los Angeles radio station KFSG-FM. It was the latest acquisition for a holding company that now owns and operates 24 Spanish-language radio stations.

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