Radio One announced the results of its bond exchange offer that is part of its long-delayed refinancing package. Despite the high hurdle of 95% acceptance, the exchange offer was a success.
The exchange offer relating to Radio One’s 8-7/8% Senior Subordinated Notes due 2011 and its 6-3/8% Senior Subordinated Notes due 2013 expired Friday, November 19th. Approximately 98% of the combined aggregate principal amount outstanding of the 2011 Notes and the 2013 Notes had been validly tendered and not withdrawn and approximately 96% in aggregate principal amount outstanding of the 2011 Notes had been validly tendered and not withdrawn, which together satisfied the minimum tender conditions of the Amended Exchange Offer.
Radio One said it intends to accept all existing notes tendered in the Amended Exchange Offer and otherwise complete the transactions contemplated by the Amended Exchange Offer, the Support Agreement between it and certain holders of the Existing Notes and related transactions by November 24, 2010, or as soon as reasonably practicable thereafter. The company also intends to pay accrued but unpaid interest on any Existing Notes tendered in the Amended Exchange Offer on the Settlement Date. The Company’s pending amendment to its senior secured credit facility will become effective on the Settlement Date.
BNY Mellon Shareowner Services is acting as exchange agent and information agent.