Wed 09/14/2022 17:31 PM
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An ad hoc group of lenders to Audacy’s $632 million term B-2 loan due November 2024 has organized with Gibson Dunn as counsel and Greenhill as financial advisor, according to sources.

The radio broadcaster’s elevated leverage and limited cash flow as well as recession fears have created uncertainties over a path to refinance the term loan. The company reported a first lien net leverage of 3.6x as of June 30, against the 4x covenant threshold. Adjusted free cash flow was negative...
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