...January 21, 2025 NEW YORK (S&P Global Ratings) Jan. 21, 2025--S&P Global Ratings today assigned its 'B+' issue- level rating and `3' recovery rating to Townsquare Media Inc.'s proposed $460 million senior secured term loan B maturing in 2030. The `3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for lenders in the event of a payment default. The company plans to use the proceeds, along with $7 million of cash on hand, to repay its $467 million (outstanding) senior secured notes due 2026. The company also plans to issue a new $20 million senior secured revolving credit facility maturing in 2030 (not rated). Our `B+' issuer credit rating and stable rating outlook on Townsquare are unchanged because the proposed transaction will reduce S&P Global Ratings-adjusted gross leverage by about 0.1x. As of Sept. 30, 2024, the company's S&P Global Ratings-adjusted gross leverage was 4.9x, and we expect it will remain about 4.8x-4.9x in 2025 due to...
