Radio One restructures $200 million into eight-year non-call-four, with 6½% area talk

By Paul A. Harris

St. Louis, Feb. 3 - Radio One Inc. restructured its $200 million offering of senior subordinated notes (B2/B-) into an eight-year non-call-four structure from the previously announced 10-year non-call-five, according to market sources.

Price talk is in the 6½% area.

Credit Suisse First Boston has the books for the Rule 144A offering. Banc of America Securities LLC and Merrill Lynch & Co. are co-managers, with other co-managers expected to emerge.

Proceeds will be used to redeem the company's outstanding 6% convertible preferred securities in the High Tides structure.

The prospective issuer is a Washington, D.C., broadcasting company that primarily targets African-American and urban listeners and owns and/or operates 69 radio stations in 22 urban markets in the United States.

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