Radio One Sets Private Offering Of $350 Million Of Senior Secured Notes Due 2022
March 30, 2015 at 5:53 AM (PT)
RADIO ONE intends to offer, subject to market and other customary conditions, $350 million in aggregate principal amount of senior secured notes due 2022 in a private offering that is exempt from registration under the Securities Act of 1933.
The Company intends to use the net proceeds from the offering, along with term loan borrowings under the new senior secured credit facility, to refinance its existing senior secured credit facility, refinance outstanding indebtedness of its subsidiaries TV ONE and TV ONE CAPITAL CORP., finance the previously announced purchase of the membership interest of an affiliate of COMCAST CORPORATION in TV ONE and pay the related accrued interest, premiums, fees and expenses associated therewith.
Additionally, the company announced TODAY (3/30) the successful completion on FRIDAY, MARCH 27th, of its previously announced consent solicitation to holders of its outstanding 9.25% Senior Subordinated Notes due 2020.