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S&P puts Urban One on watch
S&P said it placed all its ratings on Urban One Inc. on CreditWatch with negative implications.
The CreditWatch placement follows Urban One’s announcement it launched an exchange offer for its $350 million of 7 3/8% senior secured notes due April 15, 2022. The company offers to exchange its notes for cash consideration and new 8¾% senior secured notes due Dec. 31, 2022. The offer ends Friday unless the company extends it.
“We believe the incremental interest and cash considerations provide adequate compensation for extending the maturity of the notes,” S&P said in a press release.
The agency said it plans to resolve the CreditWatch placement when it clarifies whether Urban One exchanges or redeems all of its 2022 notes.
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