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Urban One, Inc. Announces Final Results of Exchange Offer and Consent Solicitation for 7.375% Senior Secured Notes due 2022
WASHINGTON, Nov. 2, 2020 /PRNewswire/ -- Urban One, Inc. ("Urban One" or the "Company") (NASDAQ: UONEK and UONE) announced today the final results of its
About this update from Urban One, Inc.
[{"type":"text","content":"WASHINGTON, Nov. 2, 2020 /PRNewswire/ -- Urban One, Inc. (\"Urban One\" or the \"Company\") (NASDAQ: UONEK and UONE) announced today the final results of its offer to exchange (the \"Exchange Offer\") any and all of its outstanding 7.375% Senior Secured Notes due 2022 (the \"Existing Notes\") for new notes to be issued by the Company (the \"New Notes\") and the related consent solicitations (the \"Consent Solicitation\" and together with the Exchange Offer, the \"Exchange Offer and Consent Solicitation\") to adopt certain amendments (the \"Proposed Amendments\") to the indenture (the \"Existing Notes Indenture\") governing the Existing Notes that would eliminate substantially all of the restrictive covenants and certain of the default provisions contained in the Existing Notes Indenture, and to enter into a new intercreditor agreement among the Company, the trustee for the New Notes, the trustee for the Existing Notes, the collateral agent for the New Notes and the collateral agent for the Existing Notes. The Exchange Offer and Consent Solicitation expired at 11:59 p.m., New York City time, on October 30, 2020 (the \"Expiration Date\").\n\n \n \n \n \n \n \n\n \nOn the Expiration Date, requisite consents were received and a supplemental indenture was executed to effect the Proposed Amendments. The supplemental indenture and the new intercreditor agreement will become operative upon settlement of the Exchange Offer, which is expected to occur on November 3, 2020 (the \"Settlement Date\").\nThe Exchange Offer and Consent Solicitation was made pursuant to the terms and subject to the conditions set forth in the confidential offering memorandum and consent solicitation statement (the \"Offering Memorandum\"), dated October 2, 2020, as amended by the press release dated October 16, 2020 (collectively, the \"Offering Documents\"), and were conditioned upon, among other things, the receipt of consents from eligible holders representing at least 90% of the outstanding aggregate principal amount of Existing Notes and the satisfaction or waiver of other conditions set forth in the Offering Memorandum. As of the Expiration Date, all conditions to the Exchange Offer and Consent Solicitation were satisfied. \nAs of the Expiration Date, an aggregate of $347,016,000 principal amount of Existing Notes had been validly tendered and not validly w...