Urban One takes in $213.3 million early tenders of 9¼% notes due 2020

By Wendy Van Sickle

Columbus, Ohio, Dec. 20 – Urban One, Inc. said it took in early tenders of $213,255,000 in its cash offer to purchase any and all of its outstanding 9¼% senior subordinated notes due 2020, according to a press release.

The early deadline was 5 p.m. ET on Dec. 18.

Early settlement took place on Dec. 20.

The tender offer will expire at 11:59 p.m. ET on Jan. 3.

Holders who validly tendered and did not validly withdraw their notes prior to the early tender time received $1,010 per $1,000 in principal amount of notes.

Initially the expiration date was set for Jan. 2 and the early tender date was set for Dec. 17. However, the dates were extended by one business day due to the federal holiday declared on Dec. 5 in honor of president George H.W. Bush's funeral.

Holders who validly tender their notes after the early tender time but on or before the expiration time will receive an amount equal to $1,000 per $1,000 in principal amount of notes validly tendered.

The issuer is also paying accrued interest.

The offer was announced on Dec. 4.

Urban One intends to redeem any notes that remain outstanding. The company expects to issue a redemption notice for a redemption date of Feb. 15 at a redemption price of par.

The company said it will use about $192 million of borrowings from a new unsecured term loan to repurchase notes under the cash tender offer or to otherwise refinance, repurchase, redeem or repay the notes.

Urban One, formerly known as Radio One, Inc., is a Washington, D.C.-based urban-oriented multimedia company.

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