CHICAGO (S&P Global Ratings) Oct. 22, 2020--S&P Global Ratings said today that Townsquare Media Inc.'s (B/Negative/--) proposed amendment, extension, and repricing of its $50 million senior secured revolving credit facility due in April 2024 (extended from April 2022) and $272 million senior secured term loan due in April 2025 (extended from April 2022) have no impact on the issuer credit and issue-level ratings. The transaction is contingent on attaining 100% consent from lenders, and consenting lenders will be paid an amendment fee of 150 basis points. The majority of the terms are the same as in the existing agreement, but the financial maintenance covenant on the revolver (which only applies when over 30% of the revolver is drawn) was changed
