Simpson Thacher represented J.P. Morgan, Credit Suisse and the other initial purchasers in Citadel Broadcasting Corporation’s $400 million issuance of 7.75% Senior Notes due 2018 pursuant to Rule 144A and Regulation S. Simpson Thacher also represented J.P. Morgan, BofA Merrill Lynch and Deutsche Bank Securities as joint lead arrangers and joint bookrunners of Citadel’s $350 million term loan facility and $150 million revolving credit facility, which was undrawn at closing. Citadel used the proceeds of the offering of high yield notes and the term loan facility to refinance $750 million of existing higher-cost debt. The transaction closed on December 10, 2010.
Citadel is the third largest radio broadcasting company in the United States based on net radio revenue. It owns and operates 225 radio stations in over 50 markets across the United States. Citadel also operates one of the largest radio networks in the country, producing and distributing radio programming to approximately 4,000 station affiliates.
The Simpson Thacher team included John Ericson, Vince Pagano, Art Robinson, Juan Naveira and Ravi Agarwal (Capital Markets); Patrick Ryan, Stefanie Birkmann, Samantha Braunstein and Sarah Hong (Credit); Mark Thompson (Bankruptcy); Robert Spatt and Alfredo Porretti (M&A); Alan Turner (Litigation); Mindy Lok (IP); Mike Isby (Environmental); Jonathan Goldstein, Drew Purcell and Christian Miller (Tax); Jamin Koslowe, Paula Han and Samantha Shipp (Executive Compensation & Employee Benefits); Jennie Getsin (Blue Sky); and paralegals Yacoba Annobil, Matthew Glasser and Ingrid Vidal.