Townsquare Media, Inc. announced the closing of an offering of $300 million in aggregate principal amount of its 6.500% senior notes due 2023. The company today also announced it has entered into a new $325 million senior secured credit facility, including a new seven-year, $275 million term loan facility (the “New Term Loan Facility”) and a new five-year, $50 million revolving credit facility (the “New Revolving Credit Facility” and, together with the New Term Loan Facility, the “New Senior Secured Credit Facility”). The initial per annum interest rate applicable to the New Term Loan Facility is 4.25%, based on current LIBOR levels, a 1.00% LIBOR floor and an applicable margin of 325 basis points. The per annum interest rate applicable to the New Revolving Credit Facility is based on current LIBOR levels (or an alternative base rate) and an applicable margin of 250 basis points however, the New Revolving Credit Facility was undrawn at close.

According to an SEC 8-K filing, Royal Bank of Canada is serving as adminstrative agent on the senior credit facility. Full details can be viewed here.

Net proceeds from the offering of the Notes and the borrowings under the New Term Loan Facility, together with cash on hand, were used to complete the company’s previously announced redemption of the outstanding 9.00% senior notes due 2019, in aggregate principal amount of $410.9 million, issued by Townsquare Radio, LLC and Townsquare Radio, Inc., two of the Company’s wholly-owned subsidiaries, and to entirely repay all amounts outstanding under its existing senior secured credit facilities, including both the term loan and revolving credit facility.

Based on forward LIBOR levels, the company expects annual interest expense of approximately $31.2 million, representing annual savings of approximately $11 million as compared to annual interest expense payable in respect of the existing senior notes and the existing senior secured credit facilities, based on principal balances outstanding as of December 31, 2014.