All the ducks are lining up properly in their row for Radio One as it moves toward becoming the (almost) sole owner of related cable channel TV One. The plan to acquire the interest in it that Radio One doesn’t already hold from Comcast is officially executed.
The private offering was for $350M in senior secured notes that come due in 2022 and carry 7.375% interest.
Radio One stated, “The Company used the net proceeds from the private offering, along with term loan borrowings under the New Credit Facility, to refinance its existing senior secured credit facility, refinance $119.0 million in outstanding indebtedness of TV One and TV One Capital Corp., finance the previously announced purchase of the membership interests of an affiliate of Comcast Corporation (“Comcast”) in TV One and pay the related accrued interest, premiums, fees and expenses associated therewith. As a result of the Company’s acquisition of Comcast’s membership interests in TV One, the Company now owns a 99.6% interest in TV One.”