NEW YORK — The Hispanic media company founded and led by Raúl Alarcón Jr. no longer has an outstanding debt to resolve with Royal Bank of Canada, a Material Change Report submitted to the SEC on Tuesday shows.
Spanish Broadcasting System on Monday prepaid in full outstanding borrowings totaling $4.5 million under the company’s senior secured, asset-based revolving credit facility with RBC, as its administrative agent and lead arranger.
The prepayment was prior to maturity of the revolving credit facility.
And, the facility was terminated upon the prepayment.
While SBS is a publicly traded company, Alarcón holds a supermajority of the company’s shares. They trade as “SBSAA” on the OTC and as of Tuesday were valued at just 7 cents per share.
