The long and difficult refinancing effort by Radio One is now complete. The company announced just before Thanksgiving that it had completed the exchange offer which had won overwhelming acceptance from bond holders the previous week.
Radio One retired approximately $296.2 million in aggregate principal amount of the existing notes which were the subject of the exchange offer. That was comprised of approximately $97.0 million, or approximately 95.5%, in aggregate principal amount of the company’s 8-7/8% Senior Subordinated Notes due 2011 and approximately $199.3 million, or approximately 99.6%, in aggregate principal amount of its 6-3/8% Senior Subordinated Notes due 2013.
Bondholders who agreed to the exchange received new 12.5%/15.0% Senior Subordinated Notes due 2016.
The company’s previously announced amendment to its senior secured credit facility has also become effective. As a result of the effectiveness of the senior secured credit facility amendment, all prior defaults under the senior secured credit facility have been cured or waived, Radio One noted.