Latham & Watkins Advises Initial Purchaser in Spanish Broadcasting System, Inc.’s US$310 Million Senior Secured Notes Offering

Spanish Broadcasting System, Inc. has announced that it has priced an offering of US$310 million in aggregate principal amount of its senior secured notes due 2026. The Notes will bear interest semi-annually at a rate of 9.75% per annum and were offered at par value. The Notes will be fully and unconditionally guaranteed on a senior secured basis by certain of the Company's subsidiaries, and secured, subject to certain exceptions and permitted liens, on a first-priority basis by the Notes collateral. The closing of the offering is anticipated to take place February 17, 2021, subject to the satisfaction of customary closing conditions. 

Latham & Watkins LLP represented the initial purchaser in the offering with a capital markets team led by New York partners Ian Schuman and Erika Weinberg, with associates John Slater, Tyler Vivian, and Isabelle Sawhney.