Urban One says that its exchange offer to holders of its 7.375% Senior Secured Notes due 2028 has expired and that 97.5% of debt holders agreed to the exchange for 7.625% Second
Lien Senior Secured Notes due 2031. The company reports that it “received from Eligible Holders valid and unwithdrawn tenders and related Consents, as reported by its exchange agent, representing approximately $476.02 million in aggregate principal amount of Existing Notes, or approximately 97.580% of the aggregate principal amount of Existing Notes outstanding.” This move allows Urban One to kick the can down the road another three years in exchange for paying debt holders a higher rate of return.
