Radio One starts cash tender offer for any and all 12½%/15% notes

By Jennifer Chiou

New York, Jan. 27 - Radio One, Inc. announced the launch of a cash tender offer for any and all of its 12½%/15% senior subordinated notes due 2016.

The offer will end at 11:59 p.m. ET on Feb. 24.

For each $1,000 principal amount, the company is offering $1,007.50, including an early tender premium of $30.00 for those who tender prior to 5 p.m. ET on Feb. 7.

Radio One is also soliciting consents to eliminate substantially all of the restrictive covenants and some events of default and related provisions in the note indenture. Holders may not tender without delivering their consents and vice versa.

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, financing and consents from holders of a majority of the notes.

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.

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