Urban One, Inc. announced the early results of offers related to their outstanding Senior Secured Notes.
The offers include an Exchange Offer, a Tender Offer, and a Subscription Offer for different types of notes.
As of the Early Tender Date, the Company received approximately $450.0 million in aggregate principal amount of Existing Notes.
Eligible Holders participated in various combinations of the Exchange Offer, Tender Offer, and Subscription Offer.
Certain Noteholders have agreed to backstop the full Subscription Offer.
Early Results of Offers
Approximately 92.2% of the aggregate principal amount of Existing Notes were tendered by Eligible Holders.
Oversubscribed Tender Offer
The Tender Offer received Existing Notes in a principal amount greater than $185.0 million, leading to proration.
Support from Noteholders
Supporting Noteholders agreed to purchase the remaining $55.9 million in aggregate principal amount of New First Lien Notes.
- The Company's successful early results indicate investor confidence in the offers.
- Backstopping by Supporting Noteholders provides additional support for the Subscription Offer and New First Lien Notes.
- The removal of certain restrictive covenants and provisions will impact the dynamics of the Existing Notes Indenture.
Urban One, Inc. has seen strong participation in the offer process, with notable support from Eligible Holders and Supporting Noteholders. The Company's strategic moves with the offer and consent solicitation show positive market response.