Audacy, Inc.
Overview
| Deal Type |
Debt Capital Markets |
|---|---|
| Size |
$75 Million Accounts Receivable - Secured Senior Revolving Securitization |
| Client & Transactional Partners |
Audacy, Inc. |
| Our Role |
Sole Placement Agent |
Summary
On July 15th, 2021, the KeyBanc Capital Markets (“KBCM”) Asset-Backed Securitization (“ABS”) Group successfully closed, as Sole Placement Agent, a $75 Million three-year Accounts Receivable-Secured Senior Revolving Securitization for Audacy, Inc. (“Audacy”). The ABS Group placed the transaction with a large institutional fixed income ABS lender. The facility is collateralized by Audacy’s billed and unbilled receivables for radio and podcast advertisements. KBCM was awarded this mandate due to the ABS Group’s structuring and placement expertise.
Audacy is a multi-media and entertainment company, leading the nation in local sports radio and news, with seven of the eight most listened to all-news stations in the United States. The Company is home to the nation's most influential collection of podcasts, digital and broadcast content, and premium live events. As one of the country’s two largest radio broadcasters, Audacy engages over 170 million consumers each month with highly immersive content and experiences. The company was formerly known as Entercom Communications Corp. and changed its name to Audacy, Inc. in April 2021. Audacy, Inc. was incorporated in 1968 and is headquartered in Philadelphia, Pennsylvania.
