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Spanish Broadcasting unveils recapitalization plans

In connection with its planned recapitalization, Spanish Broadcasting System Inc. received a letter from a financial services broadcast lender stating that it is "highly confident of its ability" to arrange $300 million in secured debt financing.

The debt financing will carve out noncore real estate and broadcast station assets, allowing the company to "obtain a separate and incremental first lien asset-based financing facility," the company disclosed in an SEC filing.

Spanish Broadcasting System intends to use the proceeds from the $300 million of debt financing, plus the proceeds of the additional and incremental asset-based funding, to repay its existing $249.9 million of 12.5% senior secured notes as well as to make cash purchases of its existing series B preferred stock.