SPANISH BROADCASTING SYSTEM, INC. (NASDAQ:SBSA) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement

On April 14, 2017, AIRE Radio Network, LLC (AIRE), a subsidiary
of Spanish Broadcasting System, Inc. (the Company), entered into
an Assumption Agreement in favor of Wilmington Trust, National
Association, as trustee and collateral agent (the Trustee) under
the indenture (the Indenture) governing the Companys 12.5% Senior
Secured Notes due 2017 (the Notes) to which AIRE became an
additional guarantor of the Companys obligations under the
Indenture.

In addition, on April 14, 2017, AIRE also entered into a joinder
(the Joinder Agreement) to that certain Security Agreement dated
as of February 7, 2012 (as amended, supplemented, waived or
otherwise modified from time to time) among the Company, the
Guarantors party thereto and the Trustee. By executing such
Joinder Agreement, AIRE granted to the Trustee a security
interest in all of its rights, title and interest in and to the
Collateral securing the Notes.

Item 2.02 – Results of Operations and Financial Condition.

On April 19, 2017, the Company issued a press release announcing
its recapitalization strategy and financial results for the
quarter- and year-ended December 31, 2016. A copy of the press
release is attached hereto as Exhibit 99.1.

This information shall not be deemed filed for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended
(the Exchange Act), or otherwise subject to the liabilities of
that section, nor shall it be deemed incorporated by reference in
any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific
reference in such a filing.

Item 2.04 Triggering Events that Accelerate or Increase a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement

As disclosed in the Companys press release referred to in Item
2.02 above, the Company did not repay the Notes at their maturity
on April 15, 2017 (which Notes were payable on Monday, April 17,
2017 because it is the business day following the April 15, 2017
maturity date). As a result, there was an event of default under
the Indenture and the holders of the Notes are able to exercise
various remedies against the Company, including foreclosing on
the Companys assets that constitute collateral under the
Indenture. As of April 19, 2017, the Company had $275 million of
principal amount outstanding under the Indenture. The Notes will
continue to earn interest after the maturity date.

As disclosed under the heading Recapitalization Strategy in the
Companys press release referred to in Item 2.02 above, the
Company is working with a team of financial and legal advisors in
evaluating all options available to it in executing on a
comprehensive recapitalization plan. However, there can be no
assurance that the Company will be successful in its
recapitalization efforts.

Item 9.01 – Financial Statements and Exhibits.

(d) Exhibits.

About SPANISH BROADCASTING SYSTEM, INC. (NASDAQ:SBSA)

Spanish Broadcasting System, Inc. (SBS) is a Spanish-language media and entertainment company with radio and/or television stations in the United States Hispanic markets, including Puerto Rico. The Company operates in two segments: radio and television. The Company owns and operates radio stations in approximately six Hispanic markets in the United States: Los Angeles, New York, Puerto Rico, Chicago, Miami and San Francisco. Its television stations and related affiliates operate under the MegaTV brand. It produces and distributes original Spanish-language content, including radio programs, television shows, music and live entertainment through its multi-media platforms. It also maintains multiple bilingual Websites, including www.lamusica.com, Mega.tv and various station Websites that provide content related to Latin music, entertainment, news and culture, as well as the LaMusica mobile application. LaMusica also streams its stations’ content.

SPANISH BROADCASTING SYSTEM, INC. (NASDAQ:SBSA) Recent Trading Information

SPANISH BROADCASTING SYSTEM, INC. (NASDAQ:SBSA) closed its last trading session down -0.070 at 0.490 with 70,494 shares trading hands.