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ETM > SEC Filings for ETM > Form 8-K on 2-Dec-2013All Recent SEC Filings

Show all filings for ENTERCOM COMMUNICATIONS CORP

Form 8-K for ENTERCOM COMMUNICATIONS CORP


2-Dec-2013

Entry into a Material Definitive Agreement


Item 1.01. Entry into a Material Definitive Agreement

Second Amendment to Credit Facility

On December 2, 2013, Entercom Communications Corp. (the "Company") entered into a Second Amendment to the Credit Agreement (the "Credit Agreement") by and among Entercom Radio, LLC, as the borrower, the Company, as the parent, Bank of America, N.A., as administrative agent and the lenders party thereto (the "Amendment").

The following is a summary description of the material terms of the Amendment, which by its nature is incomplete. For further information regarding the terms and conditions of the Amendment, reference is made to the complete text of the Amendment, which will be filed as an exhibit to the Company's Annual Report on Form 10-K for the year ending December 31, 2013.

Interest Rate Reduction. Pursuant to the Amendment, the interest rate on the Term B Loans (now called Term B-2 Loans) will now be either: (i) LIBOR plus 3.00%; or (ii) a base rate plus 2.00%. This reflects a reduction of 75 basis points from the prior rate of either: (a) LIBOR plus 3.75%; or (b) a base rate plus 2.75%.

In addition, the LIBOR floor applicable to Term B-2 Loans has been reduced by 25 basis points to 1.00% from 1.25%.

In connection with the Amendment, the step-down in the applicable rate for Term B Loans has been eliminated. The Amendment did not change the pricing terms of the revolving portion of the credit facility.

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