Urban One, the company focused on African-American consumers founded by Cathy Hughes and presently run by Alfred Liggins III, her son, has given the required notice under the governing indenture to redeem for cash all $2,037,000 aggregate principal of its 9.25% Senior Subordinated Notes due 2020 to the extent outstanding on the redemption date of February 15.
The redemption price for the Notes will be 100% of the principal amount of the Notes, plus accrued and unpaid interest to the Redemption Date.
The announcement came following Thursday’s Closing Bell on Wall Street, with Urban One shares rising by a penny, to $2.39.
