UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 9, 2017
SPANISH BROADCASTING SYSTEM, INC.
(Exact name of registrant as specified in its charter)
Delaware | | 000-27823 | | 13-3827791 |
(State or other jurisdiction
of incorporation) | | (Commission
File Number) | | (IRS Employer
Identification No.) |
7007 N.W. 77th Avenue, Miami, Florida | | 33166 |
(Address of principal executive offices) | | (Zip Code) |
(305) 441-6901
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d‑2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e‑4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 – Entry into a Material Definitive Agreement
On June 9, 2017, we closed on the sale of our facilities at 10281 Pico Boulevard, Los Angeles, California (the “Property”) pursuant to an agreement dated May 15, 2017 by our subsidiary Spanish Broadcasting System, Inc. (the “Agreement”). The Property is where we currently maintain our Los Angeles radio operations. The purchase price under the Agreement was $14,700,000, which resulted in net proceeds of $10,337,883 to the Company, as defined by the Indenture governing our outstanding 12.5% Senior Secured Notes due 2017 (the “Notes”). The net proceeds were used to repay a portion of the outstanding indebtedness on our Notes.
Pursuant to a separate office lease agreement, we will continue to maintain our radio operations at the Property for a period of up to 12 months after the closing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SPANISH BROADCASTING SYSTEM, INC.
(Registrant) |
| | |
June 15, 2017 | By: | | /s/ Joseph A. García |
| | | Joseph A. García |
| | | Chief Financial Officer, Chief Administrative Officer, Senior Executive Vice President and Secretary |
