Articles tagged with: the gores group
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As reported in Inside Radio, Westwood One is looking for cash in the public markets to repay debt, and as it also announced in an SEC filing, to make acquisitions. With shareholders set to approve a restructuring deal at a meeting on Friday, there are some details yet to be revealed, including the number of shares to be sold and how much will come out of the 75% stake now owned by the private equity …
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Private equity firm and it’s biggest shareholder, The Gores Group is taking a 73% stake in Westwood One as it buys stock and helps the company refinance $241 million in debt. As part of the refinancing Gores will purchase $25 million of new preferred stock and guarantee credit support for a $20 million subordinated term loan and a $15 million unsecured revolving line of credit. If the restructuring is approved by regulators, current stockholders’ …
