The Company used the net proceeds of this offering along with cash on hand (i) to repay its 12.5% senior secured notes due 2017, (ii) along with certain other consideration, to repurchase and/or redeem all of its outstanding 10 3/4% Series B cumulative exchangeable redeemable preferred stock (the "Series B Preferred Stock") and (iii) to pay related fees and expenses.
In connection with the closing and the completion of its recapitalization, the Company formally settled certain litigation relating to the Series B Preferred Stock that was pending in the Delaware Court of Chancery.
"SBS is pleased to have executed on this recapitalization," stated Raúl Alarcón, Chairman and Chief Executive Officer of SBS.
"Looking forward, we are uniquely positioned to continue the successful expansion of our Latino entertainment platform and the industry-leading operating margins, ratings performance and aggregate audience growth of our audio, video, digital and experiential business units. Our commitment to the Hispanic market remains, as it has for nearly four decades, unwavering. We will continue serving Hispanics nationwide - as well as the advertisers that target their dynamic purchasing power and growing social, cultural and political influence," added Alarcón.