Entercom, CBS Radio price $500M merger loan

• Entercom (ETM -1.9%) and CBS Radio (CBS -0.2%) have set pricing terms on a loan connected to their merger.
• A new seven-year, $500M senior secured term loan will issue at a rate of Libor plus 2.75%, with no Libor floor.
• CBS Radio's credit facility will be amended to accommodate the loan, which is being used to refinance Entercom's capital structure ahead of the merger, which is expected to close in the second half of the year.