Radio One still hasn’t gotten all of the ducks in a row to complete its planned financial restructuring, so it has again extended the deadline for its exchange offer for two bond issues.
In the latest announcement, Radio One said it had further extended the expiration time of its previously announced exchange offer for its 8-7/8% Senior Subordinated Notes due 2011 and its 6-3/8% Senior Subordinated Notes due 2013, and the related consent solicitation, to 5:00 pm, New York City time, on August 13, 2010.
As of July 31st approximately 89.8% of the outstanding existing notes had been validly tendered into the exchange offer and not withdrawn. However, “at the previously scheduled expiration time, the conditions necessary to consummate the exchange offer as set forth in the Company’s Exchange Offer and Consent Solicitation Statement and Offering Memorandum, dated June 16, 2010, were not satisfied and, as a result, the Company has determined to further extend the exchange offer.
Once again Radio One noted that it is in discussions with representatives of the ad hoc group of holders of a significant portion of its existing notes relating to certain amendments to the terms of the exchange offer and the related exchange notes, including the conditions to the exchange offer. So, continue to stand by.