EXHIBIT 99.2
NOTICE OF GUARANTEED DELIVERY
FOR TENDER OF
SHARES OF 10 3/4% SERIES A CUMULATIVE
EXCHANGEABLE REDEEMABLE PREFERRED STOCK
As set forth in the Prospectus, dated , 2004 (the "Prospectus"),
of Spanish Broadcasting System, Inc. (the "Company"), and in the accompanying
Letter of Transmittal and instructions thereto (the "Letter of Transmittal"),
holders who wish to tender for exchange their shares of 10 3/4% Series A
Cumulative Exchangeable Redeemable Preferred Stock of the Company (the "Series A
Preferred Stock"), and (i) whose Series A Preferred Stock is not immediately
available, or (ii) who cannot deliver their Series A Preferred Stock, the Letter
of Transmittal or any other required documentation to the Exchange Agent prior
to the Expiration Date (as hereinafter defined), may effect a tender if: (a)
tender is made through an Eligible Institution; (b) prior to the Expiration
Date, the Exchange Agent receives from such Eligible Institution this properly
completed and duly executed Notice of Guaranteed Delivery (by facsimile
transmission (receipt confirmed by telephone and an original delivered by
guaranteed overnight courier), mail or hand delivery) setting forth the name and
address of the holder, the certificate number(s) of such Series A Preferred
Stock and the aggregate liquidation amount of the Series A Preferred Stock being
tendered, stating that the tender is being made hereby and guaranteeing that,
within five New York Stock Exchange trading days after the Expiration Date, the
Letter of Transmittal (or a facsimile thereof) together with the certificate(s)
representing the Series A Preferred Stock (or a "Book-Entry Confirmation"), as
the case may be, and any other documentation required by the Letter of
Transmittal will be deposited by the Eligible Institution with the Exchange
Agent; and (c) such properly completed and executed Letter of Transmittal (or a
facsimile thereof), as well as the certificate(s) representing all tendered
Series A Preferred Stock in proper form for transfer or a Book-Entry
Confirmation, as the case may be, and all other documentation required by the
Letter of Transmittal, are received by the Exchange Agent within five New York
Stock Exchange trading days after the Expiration Date. This Notice of Guaranteed
Delivery may be delivered or transmitted by facsimile transmission (receipt
confirmed by telephone and an original delivered by guaranteed overnight
courier), mail or hand delivery to the Exchange Agent as set forth below. See
"The Exchange Offer -- Procedures for Tendering Shares of Series A Preferred
Stock" section of the Prospectus. Capitalized terms used herein but not defined
herein have the respective meanings given to them in the Letter of Transmittal.
THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON
[ ], 2004, UNLESS EXTENDED (THE "EXPIRATION DATE"). TENDERS OF SERIES
A PREFERRED STOCK MAY BE WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION DATE.
THE EXCHANGE AGENT:
WACHOVIA BANK, N.A.
<Table>
By Hand Or Overnight Delivery: Facsimile Transmissions: By Registered Or Certified Mail:
Wachovia Bank, N.A. (Eligible Institutions Only) Wachovia Bank, N.A.
National Trust Services Group (704) 590-7628 National Trust Services Group
40 Broad Street 40 Broad Street
5th Floor To Confirm by Telephone or 5th Floor
New York, New York 10004 for Information Call: New York, New York 10004
Attention: Keith Williams (704) [ ] Attention: Keith Williams
</Table>
DELIVERY OF THIS INSTRUMENT TO AN ADDRESS, OR TRANSMISSION VIA FACSIMILE
TRANSMISSION, MAIL OR HAND DELIVERY, OTHER THAN AS SET FORTH ABOVE WILL NOT
CONSTITUTE A VALID DELIVERY.
THIS FORM IS NOT TO BE USED TO GUARANTEE SIGNATURES. If a signature on the
Letter of Transmittal is required to be guaranteed by an "Eligible Institution"
under the instructions thereto, such signature guarantee must appear in the
applicable space provided in the signature box on the Letter of Transmittal.
Ladies and Gentlemen:
The undersigned hereby tender(s) to the Company, upon the terms and subject
to the conditions set forth in the Prospectus and the related Letter of
Transmittal, receipt of which is hereby acknowledged, the aggregate liquidation
amount of Series A Preferred Stock set forth below pursuant to the guaranteed
delivery procedures set forth in the Prospectus and the Letter of Transmittal.
The undersigned understands that tenders of Series A Preferred Stock
pursuant to the Exchange Offer may not be withdrawn after 5:00 p.m., New York
City time, on the Expiration Date. Tenders of Series A Preferred Stock may be
withdrawn if the Exchange Offer is terminated without any such Series A
Preferred Stock being exchanged thereunder or as otherwise provided in the
Prospectus and the Letter of Transmittal.
All authority herein conferred or agreed to be conferred by this Notice of
Guaranteed Delivery shall survive the death or incapacity of the undersigned and
every obligation of the undersigned under this Notice of Guaranteed Delivery
shall be binding upon the heirs, personal representatives, executors,
administrators, successors, assigns, trustees in bankruptcy and other legal
representatives of the undersigned.
PLEASE COMPLETE AND SIGN
Signature(s) of Registered Owner(s) or Authorized Signatory:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Aggregate Liquidation Amount of Series A Preferred Stock tendered*:
- --------------------------------------------------------------------------------
Certificate No(s). of Series A Preferred Stock (if available):
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Date:
- --------------------------------------------------------------------------------
Name(s) of Registered Holder(s):
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Address:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Area Code and Telephone No.:
- --------------------------------------------------------------------------------
If Series A Preferred Stock will be delivered by book-entry transfer at The
Depository Trust Company, insert Depository Account No.:
- --------------------------------------------------------------------------------
* Must be in denominations or liquidation amount of $1,000 and any integral
multiples thereof.
2
This Notice of Guaranteed Delivery must be signed by the holder(s) of
Series A Preferred Stock exactly as its (their) name(s) appear on certificates
for Series A Preferred Stock or on a security position listing as the owner of
Series A Preferred Stock, or by person(s) authorized to become holder(s) by
endorsements and documents transmitted with this Notice of Guaranteed Delivery.
If signature is by a trustee, executor, administrator, guardian,
attorney-in-fact, officer or other person acting in a fiduciary or
representative capacity, such person must provide the following information.
Please print name(s) and address(es)
Name(s):
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Capacity:
- --------------------------------------------------------------------------------
Address(es):
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Do not send Series A Preferred Stock certificates with this form. Series A
Preferred Stock certificates should be sent to the Exchange Agent together with
a properly completed and duly executed Letter of Transmittal.
3
GUARANTEE
(NOT TO BE USED FOR SIGNATURE GUARANTEE)
The undersigned, a member firm of a registered national securities exchange
or of the National Association of Securities Dealers, Inc. or a commercial bank
or trust company having an office or a correspondent in the United States,
hereby (a) represents that each holder of Series A Preferred Stock on whose
behalf this tender is being made "own(s)" the Series A Preferred Stock covered
hereby within the meaning of Rule 14e-4 under the Securities Exchange Act of
1934, as amended, (b) represents that such tender of Series A Preferred Stock
complies with such Rule 14e-4, and (c) guarantees that, within five New York
Stock Exchange trading days after the Expiration Date, a properly completed and
duly executed Letter of Transmittal (or a facsimile thereof), together with
certificates representing the Series A Preferred Stock covered hereby in proper
form for transfer (or confirmation of the book-entry transfer of such Series A
Preferred Stock into the Exchange Agent's account at DTC, pursuant to the
procedure for book-entry transfer set forth in the Prospectus and the Letter of
Transmittal) and required documents will be deposited by the undersigned with
the Exchange Agent.
The undersigned acknowledges that it must deliver the Letter of Transmittal
and Series A Preferred Stock tendered hereby to the Exchange Agent within the
time period set forth above and that failure to do so could result in financial
loss to the undersigned.
Name of Firm:
- --------------------------------------------------------------------------------
AUTHORIZED SIGNATURE
<Table>
Address: Name:
- ----------------------------------------------- -----------------------------------------------
Title:
- ----------------------------------------------- -----------------------------------------------
Area Code and Telephone No.:
------------------------- Date:
-----------------------------------------------
</Table>
4