Radio One buys back $196 million of its 8 7/8% notes in 2008

By Jennifer Chiou

New York, Feb. 18 - Radio One, Inc. said that during the year ended Dec. 31 it repurchased about $196 million of its 8 7/8% notes at an average discount of 38.4%.

The company finished the year with total debt of about $675.2 million, down from about $815.5 million a year ago.

"This has substantially increased the amount of capacity that we have under our bank covenants," Alfred C. Liggins III, Radio One's chief executive and president, stated in a news release.

"Our focus for 2009 is to improve our market share, save costs where possible and continue to de-lever the company," Liggins said.

Radio One is a Washington, D.C.-based broadcasting company.

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