Radio One gets $350 million new facility, will refinance old facility

By Angela McDaniels

Tacoma, Wash., April 7 – Radio One, Inc. entered into a new $350 million senior secured credit facility, according to a company news release.

The company expects the interest rate on the term loan under the new credit facility will be Libor plus 450 basis points.

The lead arranger has fully allocated the term loan.

The proceeds of the term loan and the company’s $350 million of 7 7/8% senior secured notes due 2022 will be used to refinance its existing senior secured credit facility, to refinance outstanding debt of subsidiaries TV One, LLC and TV One Capital Corp. and to finance the purchase of the membership interest of an affiliate of Comcast Corp. in TV One.

Lanham, Md.-based Radio One is a media company that primarily targets African-American and urban consumers.

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