Urban One lowers debt ratio to 3.96x, expects 3.7x ratio by year-end

By Devika Patel

Knoxville, Tenn., July 10 – Urban One, Inc. is happy with its net leverage ratio below 4x and expects to cut leverage further to about 3.7x by the end of the year.

At the end of the quarter, the company had a total net leverage ratio of 3.96x.

“We like our leverage 4x or below,” chief executive officer Alfred C. Liggins III said on the company’s fourth quarter and year ended Dec. 31, 2022 earnings conference call on July 7.

“We sleep good at night when our leverage is 4x, below 4x, we like that,” Liggens said.

“We are hoping to finish about 3.7x this year and, if I look at our long-range plan, it’s out in the low 3s and eventually in the mid 2s,” executive vice president and chief financial officer Peter Thompson said on the call.

Urban One is a Silver Spring, Md.-based urban-oriented multimedia and entertainment company primarily targeting African American and urban consumers.

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