Spanish Broadcasting System, Inc. Announces Intention to Enter Into New Credit Facility

Spanish Broadcasting System, Inc. Announces Intention to Enter Into New Credit Facility

COCONUT GROVE, Fla., April 29 /PRNewswire-FirstCall/ -- Spanish Broadcasting System, Inc. (the "Company" or "SBS") (NASDAQ:SBSA) announced today that it intends to enter into new senior secured credit facilities with affiliates of Lehman Brothers Inc., Merrill Lynch and Wachovia Securities. Lehman Brothers Inc. will act as sole lead arranger. The proposed new senior credit facilities will consist of a first lien credit facility and a second lien credit facility. The proposed new credit facilities will provide for an aggregate of $400 million in funded term loans, plus a revolving loan facility.

SBS intends that funds available under the new credit facilities will be used to repay amounts outstanding under the Company's existing senior credit facility and retire all of the Company's outstanding 9-5/8% Senior Subordinated Notes due 2009.

About Spanish Broadcasting System

Spanish Broadcasting System, Inc. is the largest Hispanic-controlled radio broadcasting company in the United States. After giving effect to a pending divestiture, the Company will own and operate 20 radio stations in the top Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, including the #1 Spanish-language radio station in America, WSKQ- FM in New York City. The Company also operates LaMusica.com, a bilingual Spanish-English online site providing content related to Latin music, entertainment, news and culture. The Company's corporate site can be accessed at http://www.spanishbroadcasting.com/.

Source: Spanish Broadcasting System, Inc.

CONTACT: Analysts and Investors, Joseph A. Garcia, Executive Vice President, Chief Financial Officer and Secretary of Spanish Broadcasting System, +1-305-441-6901; or Analysts, Investors or Media, Todd St.Onge of Brainerd Communicators, +1-212-986-6667 for Spanish Broadcasting System

Web site: http://www.spanishbroadcasting.com/

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