Business
Urban One, Inc. Announces Results of Early Participation in Exchange Offer and Consent Solicitation
WASHINGTON, Oct. 19, 2020 /PRNewswire/ -- Urban One, Inc. ("Urban One" or the "Company") (NASDAQ: UONEK and UONE) today announced that eligible holders of its
About this update from Urban One, Inc.
[{"type":"text","content":"WASHINGTON, Oct. 19, 2020 /PRNewswire/ -- Urban One, Inc. (\"Urban One\" or the \"Company\") (NASDAQ: UONEK and UONE) today announced that eligible holders of its 7.375% Senior Secured Notes due 2022 (CUSIP No. 75040PAS7 and U74935AF1, ISINs US75040PAS74 and USU74935AF19) (the \"Existing Notes\") had validly tendered (and not validly withdrawn) $347.0 million aggregate principal amount, representing 99.15% of the outstanding principal amount, of the Existing Notes. The results are based on (i) early tenders in the private offer to exchange (the \"Exchange Offer\") any and all Existing Notes held by eligible holders for new 8.75% Senior Secured Notes due 2022 to be issued by the Company (the \"New Notes\") and (ii) early delivery of consents in the related consent solicitations (each, a \"Consent Solicitation\" and together with the Exchange Offer, the \"Exchange Offer and Consent Solicitation\") to adopt certain proposed amendments to the indenture governing the Existing Notes (the \"Existing Notes Indenture\"), 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 (collectively, the \"Proposed Amendments\").\n\n \n \n \n \n \n \n\n \nThe Proposed Amendments will become operative only upon the execution of the supplemental indenture to the Existing Notes Indenture and settlement of the Exchange Offer and Consent Solicitation. The settlement date is expected to occur on November 3, 2020 (the \"Settlement Date\"), which is promptly after the Expiration Date (as defined below).\nAs of 5:00 p.m., New York City time, on October 16, 2020 (the \"Early Tender Date\"), the principal amounts of Existing Notes set forth in the table below were validly tendered and not validly withdrawn (and consents thereby validly given and not validly revoked). For each $1,000 principal amount of Existing Notes validly tendered (and not validly withdrawn) at or prior to the Early Tender Date, eligible holders will be eligible to receive an early participation payment of $10.00 in cash (the \"Early Tender Payment\"). For each $1,000 principal am...