Radio One Replaces Old Debt With New Debt

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Radio One, the media company focused on African American consumers, has closed on a new senior secured credit facility — a move designed to prepay in full its 2015 Credit Agreement and, in turn, replace old debt with new debt at more favorable terms.


The 2017 Credit Facility provides for $350 million in term loan borrowings, all of which was advanced and outstanding on the date of the April 18 closing of the transaction, Radio One said in an SEC filing late Friday (4/21).

Guggenheim Securities Credit Partners is the administrative agent, while The Bank of New York Mellon is collateral agent and Guggenheim Securities LLC is the sole lead arranger and sole book running manager.

The 2017 Credit Facility matures on the earlier of April 18, 2023 or, in the event such debt is not repaid or refinanced, 91 days prior to the maturity of either of the company’s 7.375% Senior Secured Notes due 2022 or the company’s 9.25% Senior Subordinated Notes due 2020.


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