Two weeks ago, Entercom CFO Steve Fisher said the Philadelphia-based group owner was working on replacing the current credit facility that expires in June 2012. The company has worked down its debt from a high of $950 million in 2007 to about $600 million now. Its leverage has dropped below 5.9 times cash flow. The $250 million in new private-placement notes will be issued to qualified institutional buyers under the SEC's so-called Rule 144A. The debt offering will be in the form of senior notes due in 2019, and will be guaranteed by the new credit facility.