Urban One Exchange Offer Extends $476 Million in Debt to 2031
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.
Notes due 2031, to be issued by the company and guaranteed by each existing and future subsidiaries of the company, and cash. In connection with the Exchange Offer, Urban One begins offer to purchase up to $185 million in aggregate principal amount of the Existing Notes for up to $111 million in cash. In connection with the Exchange Offer, the company is also offering Eligible Holders the right to subscribe to purchase up to $60.6 million in aggregate principal amount of 10.500% first lien senior secured notes due 2030.
pm, New York City time, on October 4, 2024, unless further extended. The Settlement Date has been extended to October 8, 2024, unless further extended. The extension was granted at the request of certain key holders of the existing 8.625% Senior Secured Notes due 2026 to amend their relative participation in the Tender Offer and the Exchange Offer. As of 5:00 pm on September 30, 2024, approximately 93% of outstanding Existing Notes have been submitted for tender or exchange in the Offers. The Company anticipates that after accommodating this request the total number of Existing Notes tendered or exchanged by the requesting Holders will remain unchanged.