MIAMI — The Hispanic audio-focused media company founded and led by Raúl Alarcón Jr. has successfully extended the maturity date on its four-year-old credit facility, giving it until late August to satisfy its lenders — and at a marginally higher interest rate.
The matter involves Spanish Broadcasting System (SBS) and its Royal Bank of Canada (RBC) asset-based loan credit facility, which dates to February 17, 2021. On February 12 of this year, five days before its maturity date, SBS convinced RBC to postpone maturity until August 29.
In doing so, SBS agreed to increase the interest rate margins on borrowings by 0.75%.
SBS says it continues to use the borrowings under this credit facility, and is doing so to finance its working capital needs and other general corporate expenses.
