Audacy issues a statement regarding its ongoing discussions with lenders to refinance its debt and “optimize the Company’s balance sheet to position the Company for long-term growth, capitalizing on its scaled leadership position across the audio market.” Audacy is employing the 30-day grace period for the cash interest payment of approximately $18 million, due on September 30, 2023, to holders of its
6.75% senior secured second-lien Notes due March 31, 2029. The decision to use the grace period will not trigger an event of default under the indenture governing the Notes, and the Company retains the right to make the interest payment to the holders of the Notes through the end of the grace period. Audacy says it intends to utilize the 30-day grace period to continue its dialogue with lenders “regarding a potential plan to strengthen its capital structure to support Audacy’s strong operating business and position Audacy for long-term growth.” Audacy chairman, president and CEO David Field comments, “We continue to engage in discussions with our lenders as we execute on our overall growth strategy and remain focused on investing in our people, platform, content and technology capabilities to serve our listeners and customers. We continue to drive progress across our key performance metrics, meaningfully advance our ad tech and product roadmap and enter new partnerships to enhance content, distribution and monetization opportunities.”
