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Urban One, Inc. Announces Exchange Offer and Consent Solicitation for Outstanding 7.375% Senior Secured Notes due 2022
WASHINGTON, Oct. 2, 2020 /PRNewswire/ -- Urban One, Inc. ("Urban One" or the "Company") (NASDAQ: UONEK and UONE) today announced that it has commenced a
About this update from Urban One, Inc.
[{"type":"text","content":"WASHINGTON, Oct. 2, 2020 /PRNewswire/ -- Urban One, Inc. (\"Urban One\" or the \"Company\") (NASDAQ: UONEK and UONE) today announced that it has commenced a private offer to certain eligible noteholders described below to exchange (the \"Exchange Offer\") any and all of its outstanding $350.0 million aggregate principal amount of 7.375% Senior Secured Notes due 2022 (CUSIP No. 75040PAS7 and U74935AF1, ISINs US75040PAS74 and USU74935AF19) (the \"Existing Notes\") for newly issued 8.75% Senior Secured Notes due 2022 (the \"New Notes\"), upon the terms and conditions set forth in the Offering Memorandum and Consent Solicitation Statement (the \"Offering Memorandum\") dated October 2, 2020. Holders of approximately $260.7 million principal amount of Old Notes, or 74.5% of the principal amount of Old Notes, have agreed to participate in the Exchange Offer, subject to customary conditions.\n\n \n \n \n \n \n \n\n \nThe New Notes are being offered to provide the Company with additional financial flexibility by replacing the Existing Notes which are validly tendered and accepted for exchange with New Notes that mature eight months after the Existing Notes are scheduled to mature. \nIn connection with the Exchange Offer, the Company will also enter into an amendment to certain terms of its Unsecured Term Loan, dated December 4, 2018, by and among the Company, the Lenders party thereto from time to time and Wilmington Trust, National Association, as Administrative Agent (the \"Unsecured Term Loan\"), including the extension of the maturity date of the Unsecured Term Loan by 90 days which maturity is more than 90 days after the maturity date of the New Notes. \nEligible holders who validly tender and do not validly withdraw their Existing Notes in the Exchange Offer prior to 5:00 p.m., New York City time, on October 16, 2020, unless extended (such time and date as it may be extended, the \"Early Tender Date\") and that are accepted for exchange will receive $1,000 in principal amount of New Notes plus $10.00 in cash per $1,000 principal amount of Existing Notes. For any Existing Notes validly tendered after the Early Tender Date but before 11:59 p.m., New York City time, on October 30, 2020, unless extended (such time and date as it may be extended, the \"Expiration Date\") and that are accepted for exchange, eligible holders will receive ...