8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 17, 2006

SPANISH BROADCASTING SYSTEM, INC.

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation)	000-27823 (Commission File Number)	13-3827791 (IRS Employer Identification No.)
2601 South Bayshore Drive, PH II, Coconut Grove, Florida (Address of principal executive offices)		33133 (Zip Code)

(305) 441-6901
(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

     o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.01 Completion of Acquisition or Disposition of Assets.

     On February 17, 2006, Spanish Broadcasting System, Inc. (the “Company”) terminated its second lien term loan agreement (the “Credit Agreement”), dated as of June 10, 2005, among the Company, Merrill Lynch Pierce Fenner & Smith, Incorporated, Wachovia Bank, National Association, Lehman Commercial Paper Inc., and certain other lenders. The Company used approximately $101 million of the net cash proceeds from its sale of the assets of radio stations KZAB-FM and KZBA-FM, to Styles Media Group, LLC. Accordingly, the Company has no further obligations remaining under the Credit Agreement. As a result of the prepayment of the Credit Agreement, the Company will recognize a loss on early extinguishment of debt related to the prepayment premium and the write-off of unamortized deferred financing costs of approximately $3.0 million during the three-months ended March 31, 2006.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

99.1 Press Release, dated February 21, 2006.

2

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SPANISH BROADCASTING SYSTEM, INC. (Registrant)
February 21, 2006	By:	/s/ Joseph A. García
		Joseph A. García
		Chief Financial Officer, Executive Vice President and Secretary

3

Exhibit Index

Exhibit No.	Description
99.1	Press Release, dated February 21, 2006.

4

EX-99.1

Exhibit 99.1

For immediate release

Spanish Broadcasting System, Inc. Announces Repayment of Second Lien Credit Facility

- Will Use a Portion of the Styles Media Asset Sale Proceeds –

Coconut Grove, Florida, February 21, 2006 — Spanish Broadcasting System, Inc. (the “Company” or “SBS”) (NASDAQ: SBSA) announced today the repayment of its Second Lien Credit Facility, in full, using approximately $101 million of net cash proceeds received from the sale of its Los Angeles radio stations KDAY-FM and KDAI-FM to Styles Media, completed on January 31, 2006.

Joseph A. García, Chief Financial Officer, commented, “This is a significant step in our deleveraging plan, which reduces our interest expense by approximately $9 million and strengthens our balance sheet. Moving forward, we will continue to assess our financial position with the goal of maintaining a strong balance sheet and financial flexibility.”

On June 10, 2005, Spanish Broadcasting System entered into the Second Lien Credit Facility that provided for a $100 million term loan scheduled to mature on June 10, 2013, with a prepayment premium of 1%, if the full amount of such term loan was paid with the proceeds of the Styles Media Asset Sale proceeds on or before June 10, 2006.

About Spanish Broadcasting System

Spanish Broadcasting System, Inc. is the largest Hispanic-controlled radio broadcasting company in the United States. SBS owns and operates 20 radio stations located in the top Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, including the #1 Spanish–language radio station in America, WSKQ-FM in New York City, as well as 3 of the Top 4 rated radio stations airing the Tropical, Regional Mexican, Spanish Adult Contemporary and Hurban format genres and the highest billing Latino-formatted stations in each of the three largest U.S. Hispanic markets. The Company also produces live entertainment concerts and events throughout the U.S. and Puerto Rico. On July 13, 2005, the Company announced the acquisition of WDLP-TV, a full-power television station serving South Florida that is expected to close by March 2006. The Company also operates LaMusica.com, a bilingual Spanish-English online site providing content related to Latin music, entertainment, news and culture. The Company’s corporate website can be accessed at www.spanishbroadcasting.com

Contact:

Analysts and Investors	Analysts, Investors or Media
Joseph A. García	Todd St.Onge
Executive Vice President, Chief Financial Officer	Brainerd Communicators, Inc.
and Secretary	(212) 986-6667
(305) 441-6901