Urban One, Inc. announced the expiration and final results of previously announced offers related to their outstanding notes.
The offers included exchanging outstanding notes for new Second Lien Senior Secured Notes, a Tender Offer, and a Subscription Offer for newly issued First Lien Senior Secured Notes.
Approximately $476.02 million in aggregate principal amount of Existing Notes were tendered, representing around 97.580% of the outstanding amount.
Successful Offers
The Exchange Offer, Tender Offer, and Subscription Offer resulted in substantial participation from Eligible Holders, with high tender amounts.
Oversubscription
The Tender Offer was oversubscribed, leading to proration and acceptance of Existing Notes subject to prorated amounts.
Support from Supporting Noteholders
Supporting Noteholders agreed to backstop the Subscription Offer and purchase the remaining New First Lien Notes.
- The successful participation in the offers demonstrates confidence from investors in Urban One, Inc.'s financial instruments and strategic moves.
- The oversubscription highlights strong demand for the securities offered by the Company.
Urban One, Inc.'s offers and consent solicitation drew significant interest and participation, indicating positive market reception and investor support for the Company's financial initiatives.