Regent Communications Missed Year-End Payments
January 5, 2010 at 8:31 AM (PT)
REGENT COMMUNICATIONS has filed an 8K form with the SECURITIES AND EXCHANGE COMMISSION verifying it missed both an interest and principal year-end payment, along with $1,269,125 due on some credit default swaps. The filing names BANK OF AMERICA as the administrative agent for REGENT's creditors.
"As previously disclosed by REGENT COMMUNICATIONS, INC. and its subsidiaries (the "Company") on its Current Reports on Form 8-K dated APRIL 1st, 2009 and MAY 8th, 2009, the Company received notices of a Specified Default and an Event of Default, respectively, under its Credit Agreement dated NOVEMBER 21st, 2006, from BANK OF AMERICA, N.A., as the administrative agent for the lenders and secured parties under the Credit Agreement. On DECEMBER 31st, 2009 the Company did not make a scheduled payment of interest and principal owing to such lenders, and the Company has not paid certain professional fees on behalf of such lenders or other Fees owing to such lenders under the Credit Agreement. As of DECEMBER 31st, 2009, the outstanding balance under the Credit Agreement was $190,665,099.10. In addition, the Company did not make payments of $1,269,125.73 to counterparties to certain interest rate swap agreements that the Company had entered into pursuant to the terms of the Credit Agreement, which amounts were due on DECEMBER 31st, 2009. Capitalized terms used herein and not defined shall have the same meanings given in the Credit Agreement."