Spanish Broadcasting System Inc (SBSAA)

[Seminole Red]

COCONUT GROVE, Fla., Jan. 27, 2012 /PRNewswire/ -- Spanish Broadcasting System, Inc. (the "Company" or "SBS") (NASDAQ: SBSA - News) today announced that it has commenced an offering of $275 million in aggregate principal amount of first-priority senior secured notes due 2017 (the "Notes"). The proceeds from the Notes, together with cash on hand, are expected to be used to refinance all amounts outstanding under the Company's existing first lien credit agreement due June 10, 2012, and to pay the transaction costs related to the offering.

The Notes will be offered solely by means of a private placement either to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), or to certain persons outside the United States pursuant to Regulation S under the Securities Act. The Notes have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.