| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2014 > News item |
Radio One takes in consents for 63.34% of 12½%/15% notes due 2016
By Toni Weeks
San Luis Obispo, Calif., Feb. 10 - Radio One, Inc. announced it received by 5 p.m. ET on Feb. 7 consents from holders representing 63.34% of its 12½%/15% senior subordinated notes due 2016, enough to adopt proposed amendments to the indenture governing the notes.
The company launched a cash tender offer for any and all of the notes on Jan. 27.
Radio One solicited consents to eliminate substantially all of the restrictive covenants and some events of default and related provisions in the note indenture. Holders could not tender without delivering their consents and vice versa.
In conjunction with receiving the requisite consents, Radio One entered into a supplemental indenture that gives effect to the proposed amendments. The amendments became operative on Feb. 10 after the company accepted for purchase a majority of the notes.
For each $1,000 principal amount, the company paid $1,007.50, including an early tender premium of $30.00 for those who tendered prior to the Feb. 7 consent deadline.
The offer will end at 11:59 p.m. ET on Feb. 24.
If the tender offer is completed, the company said that it plans to redeem any remaining notes at par.
The offer is contingent on, among other things, consents from holders of a majority of the notes, which has been satisfied, and financing. The company priced a $335 million issue of 9¼% six-year senior subordinated notes on Jan. 29.
Credit Suisse Securities (USA) LLC is the dealer manager and solicitation agent (800 820-1653 or call collect 212 325-2476). D.F. King & Co., Inc. is the tender agent and information agent (212 269-5550 for bankers and brokers or 888 628-9011).
The Lanham, Md.-based radio broadcaster plans to use the proceeds to repay its senior subordinated notes due 2016.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.