This comment from the conf. call looks like a big deal to me, in terms of the potential to reduce annualized interest expense. (Only risk is that interest rates might go up, later this year, is my fear.)
Alfred C. Liggins, III
Yeah. And I said into the 6, that is to say low 6’s. We have studied this, and I think right now that Cumulus bonds are trading in like the high 7s, call it 8%, and there my understanding is that, I haven’t actually done that numbers from my understanding, from the intelligence we got it or levered at about 6.5 times. So if we get, we assume that we get to 6.5 times, even though we are not purely a radio company like they are, but they are larger, but if we get to 6.5 times, we should be have to refinance at least our sub-debt at 8%, and we are currently repaying 12.5%.
I wouldn’t want to go out and try to do something today, because we think that if we think that we’ve got a better than 50% chance of getting into the mid-6’s for 2013, I would rather wait six months as opposed to trying to save 100 and 200 basis points, half of the 12.5%, and go for saving 450 basis points half of it.