Chancellor sets offerings

NEW YORK – Radio group Chancellor Broadcasting Co. is raising $200 million in two preferred stock offerings, helping to finance two recent acquisitions, it said Friday.

Chancellor has also arranged a new $475 million credit facility to both refinance its existing debt and provide $150 million in revolving credit for future acquisitions, Chancellor chief financial officer Jacques Kerrest said.

Chancellor recently announced the acquisition of eight radio stations from OmniAmerica Group for $178 million and the acquisition of 12 stations from Colfax Communications Inc. for $365 million. It is reducing the cost of the deals by $92 million in sales of some of the stations, bringing the net cost of the two deals down to $451 million.

Together with the new credit facility, the preferred stock offerings will cover the cost of the acquisition and replace $100 million of bank debt already on Chancellor’s balance sheet. Chancellor stock closed up $1.43 to $25.31 Friday.

More Scene

  • Demi MooreComedy Central's Roast of Bruce

    Demi Moore Appears as Surprise Guest at Bruce Willis' Comedy Central Roast

    NEW YORK – Radio group Chancellor Broadcasting Co. is raising $200 million in two preferred stock offerings, helping to finance two recent acquisitions, it said Friday. Chancellor has also arranged a new $475 million credit facility to both refinance its existing debt and provide $150 million in revolving credit for future acquisitions, Chancellor chief financial […]

  • Outfest Filmmakers Get Political, Issue Call

    Outfest Filmmakers Get Political, Issue Call to Action on Opening Night

    NEW YORK – Radio group Chancellor Broadcasting Co. is raising $200 million in two preferred stock offerings, helping to finance two recent acquisitions, it said Friday. Chancellor has also arranged a new $475 million credit facility to both refinance its existing debt and provide $150 million in revolving credit for future acquisitions, Chancellor chief financial […]

  • Bob Woodruff Foundation Acquires Veterans Org

    Bob Woodruff Foundation Acquires Veterans Org Got Your 6

    NEW YORK – Radio group Chancellor Broadcasting Co. is raising $200 million in two preferred stock offerings, helping to finance two recent acquisitions, it said Friday. Chancellor has also arranged a new $475 million credit facility to both refinance its existing debt and provide $150 million in revolving credit for future acquisitions, Chancellor chief financial […]

  • Tiffany HaddishTiffany Haddish at the Hollywood

    Tiffany Haddish on Future Career Plans, Taking Advice From Tyler Perry, Melissa McCarthy

    NEW YORK – Radio group Chancellor Broadcasting Co. is raising $200 million in two preferred stock offerings, helping to finance two recent acquisitions, it said Friday. Chancellor has also arranged a new $475 million credit facility to both refinance its existing debt and provide $150 million in revolving credit for future acquisitions, Chancellor chief financial […]

  • Vince Gilligan Carolyn Strauss Paley Center

    'Breaking Bad' Creator Vince Gilligan Suggests 'Maybe It's Time for Heroes Again' on TV

    NEW YORK – Radio group Chancellor Broadcasting Co. is raising $200 million in two preferred stock offerings, helping to finance two recent acquisitions, it said Friday. Chancellor has also arranged a new $475 million credit facility to both refinance its existing debt and provide $150 million in revolving credit for future acquisitions, Chancellor chief financial […]

  • Our Very Own Carlin McCullough

    Amanda Peet's New Play 'Our Very Own Carlin McCullough' Has a 'Game of Thrones' Connection

    NEW YORK – Radio group Chancellor Broadcasting Co. is raising $200 million in two preferred stock offerings, helping to finance two recent acquisitions, it said Friday. Chancellor has also arranged a new $475 million credit facility to both refinance its existing debt and provide $150 million in revolving credit for future acquisitions, Chancellor chief financial […]

  • Shirel Kozak, Billy Crystal, Marina Zenovich,

    Billy Crystal, Filmmakers Remember Robin Williams at 'Come Inside My Mind' Premiere

    NEW YORK – Radio group Chancellor Broadcasting Co. is raising $200 million in two preferred stock offerings, helping to finance two recent acquisitions, it said Friday. Chancellor has also arranged a new $475 million credit facility to both refinance its existing debt and provide $150 million in revolving credit for future acquisitions, Chancellor chief financial […]

More From Our Brands

Access exclusive content