February 06, 2021

Spanish Broadcasting System, Inc. announced that it has launched an offering of $310 million in aggregate principal amount of senior secured notes due 2026 (the “Notes”). The Notes will be guaranteed on a senior secured basis by certain of the Company's subsidiaries, and secured, subject to certain exceptions, on a first-priority basis by the Notes collateral.

The Company expects to use the net proceeds of this offering along with cash on hand (i) to repay its 12.5% senior secured notes due 2017, (ii) along with certain other consideration, to repurchase and/or redeem all of its outstanding 10 3/4% Series B cumulative exchangeable redeemable preferred stock, $0.01 par value (the “Series B Preferred Stock”) and (iii) to pay related fees and expens

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