Radio One redeems $2.4 million in 8 7/8% senior subordinated notes due 2011 at a discount

By Devika Patel

Knoxville, Tenn., May 11 - Radio One, Inc. redeemed approximately $2.4 million of its outstanding 8 7/8% senior subordinated notes due July 2011 in the quarter ended March 31, according to a company earnings report.

The notes were bought at an average discount of 50%, resulting in an approximately $1.2 million gain.

There are $101.5 million of the notes outstanding as of March 31.

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

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