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Urban One begins tender offer for 9¼% subordinated notes due 2020
By Sarah Lizee
Olympia, Wash., Dec. 4 – Urban One, Inc. is starting a cash tender offer to purchase any and all of its outstanding 9¼% senior subordinated notes due 2020, according to a press release.
The tender offer will expire at 11:59 p.m. ET on Jan. 3, unless the tender offer is extended or earlier terminated.
Holders who validly tender and do not validly withdraw their notes prior to the early tender time of 5 p.m. ET on Dec. 18 will receive an amount equal to $1,010 per $1,000 in principal amount of notes.
Previously the expiration date was set for Jan. 2 and the early tender date was set for Dec. 17. However, the dates were extended by one business day due to the federal holiday declared on Dec. 5 in honor of president George H.W. Bush's funeral.
Holders who validly tender their notes after the early tender time but on or before the expiration time will receive an amount equal to $1,000 per $1,000 in principal amount of notes validly tendered.
Holders whose notes are purchased in the tender offer will also be paid accrued interest from the most recent interest payment date on the notes up to but excluding the applicable settlement date.
Urban One intends to redeem any notes that remain outstanding. The company expects to issue a redemption notice for a redemption date of Feb. 15 at a redemption price of par.
The company said it will use about $192 million of borrowings from a new unsecured term loan to repurchase notes under the cash tender offer or to otherwise refinance, repurchase, redeem or repay the notes.
Urban One, formerly known as Radio One, Inc., is a Washington-based urban-oriented multimedia company.
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