Urban One Announces Final Results of Note Exchange and Tender Offers
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Urban One Inc. completed a series of debt transactions, including an exchange offer, tender offer, and subscription offer. The company exchanged its 7.375% Senior Secured Notes due 2028 for new 7.625% Second Lien Senior Secured Notes due 2031 and cash, and purchased up to $185 million of existing notes for $111 million in cash. Eligible holders could subscribe for $60.6 million of new 10.500% First Lien Senior Secured Notes due 2030. Necessary consents were received to amend the indenture, eliminating restrictive covenants and releasing collateral and guarantees.
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