Radio One Seeks Noteholder Consent To Taking On More Debt To Buy Comcast's Interest In TV One
March 20, 2015 at 5:13 AM (PT)
RADIO ONE has commenced a consent solicitation seeking the consent of holders of its outstanding 9.25% Senior Subordinated Notes due 2020 to proposed amendments to the indenture governing the Notes. The move is intended to allow the company to add debt to buy out COMCAST's 48% equity interest in TV ONE, LLC for $550 million, refinance $119 million in principal amount of TV ONE 10% Senior Secured Notes due 2016 and refinance the Company's existing senior secured credit facility.
The solicitation will expire on MARCH 26th. Note holders validly delivering consent will get a consent fee of $12.50 per $1,000 in principal amount of notes.