On March 17, 2020, Townsquare Media Inc. (the “Company”) borrowed $50.0 million under the revolving credit facility portion of the Credit Agreement, dated as of April 1, 2015 (as amended, the “Senior Secured Credit Facility”), among the Company, the lenders party thereto and Royal Bank of Canada, as administrative agent. This amount constitutes the entire amount available for borrowing under the revolving credit facility portion of the Senior Secured Credit Facility.

The amount borrowed under the Senior Secured Credit Facility will bear interest as provided in the Senior Secured Credit Facility. The Company may repay the amount borrowed at any time without penalty. The revolving credit facility will mature on April 1, 2022 (or October 1, 2021 in the event that by that date our term loans have not been extended by at least six months). The borrowing will be subject to and repayable in accordance with all of the terms and conditions of the Senior Secured Credit Facility, including those provisions relating to events of default and acceleration.

Upon receipt of the full proceeds from the revolving credit facility, the Company had $132.7 million in cash and cash equivalents on its balance sheet. The amounts drawn under the revolving credit facility were borrowed as a precautionary measure and may be used for working capital, general corporate or other purposes permitted by the Senior Secured Credit Facility, as needed.

About Townsquare Media, Inc. (NYSE:TSQ)

Townsquare Media, Inc. is a media, entertainment and digital marketing solutions company principally focused on small and mid-sized markets across the United States. The Company operates through two segments: Local Advertising and Live Events. The Company’s Local Advertising segment offers broadcast, digital and mobile advertising within its local markets. The Company’s Live Events segment consists of a range of live events, which the Company creates, promotes and produces, including music concerts, multi-day music festivals, fairs, consumer expositions and trade shows, athletic events, lifestyle events and other forms of entertainment. The Company reports the remainder of its business in its Other Media and Entertainment category, which principally provides digital marketing solutions, e-commerce solutions and digital advertising services nationally. The Company’s assets include radio stations, live events, and digital, mobile, video and social media properties.