Wednesday’s activity on Wall Street was largely negative, with Cumulus Media dipping 7 cents, to $1.07, and Townsquare Media off 37 cents, to $10.59, on word the radio station owner successfully amended its senior secured credit agreement to reduce the applicable interest rate on its term loan facilities due April 2022.
Under the amended term loan, the applicable interest rate has been reduced by 25 basis points to LIBOR + 3.00% from LIBOR + 3.25%. The LIBOR floor of 1.00% remains unchanged and all other terms of the senior secured credit agreement remain substantially unchanged. The interest rate reduction is expected to generate annualized interest expense savings of approximately $750,000 based on the current principal balance outstanding.
Tribune Media Co. dipped 31 cents, to $29.07, while Entercom fell 60 cents, to $14.50.
Viacom improved 40 cents, to $42.07, as Wall Street awaits the early Thursday release of its fiscal Q1 2017 earnings.
The RBR Radio Index fell 12.262, or 2.02%, to 593.321.
The TVBR Television Index fell 2.770, or 0.28%, to 979.839.
Beasley, up 1.7%
Gray, up 1.3%
iHeart, up 1.0%
Cumulus, down 6.1%
SBS, down 4.4%
Entercom, down 4.0%