Urban One to repay loans, redeem notes due 2022 with offering proceeds

By Taylor Fox

New York, Jan. 7 – Urban One, Inc. plans to repay outstanding loans under its April 18, 2017 credit agreement and two loans outstanding from Dec. 4, 2018 credit agreement as well as to redeem its 8¾% senior secured notes due December 2022 and 7 3/8% senior secured notes due 2022 using proceeds from its $825 million note offering, according to a news release.

Guggenheim Securities Credit Partners, LLC is the administrative agent, and the Bank of New York Mellon is the collateral agent on the 2017 credit agreement.

Urban One Entertainment SPV, LLC and Radio One Entertainment Holdings, LLC are the various lenders party to the 2018 credit agreement with Wilmington Trust, NA, as administrative agent and collateral agent and TCG Senior Funding LLC as lead arranger and bookrunner.

The proceeds will also pay the premium, fees and expenses related to the transactions.

Upon completion of the offering, these credit facilities will be terminated and the indentures governing the notes will be satisfied and discharged.

Urban One is a Washington, D.C.-based urban-oriented multimedia company.

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