Urban One Launches Buyback Of Notes, Enters New Credit Agreements

Buyback

URBAN ONE, INC. has announced a buyback of some of its notes as it enters a new $192 million credit agreement.

The company is offering to buy back its outstanding 9.25% Senior Subordinated Notes due 2020 while it enters the new unsecured term loan credit agreement, which will be used to repurchase the notes under the cash tender offer.  URBAN ONE subsidiaries have also arranged a new credit agreement for $50 million in term loans secured by the subsidiaries' interests in the MGM NATIONAL HARBOR casino development near WASHINGTON.

The tender offer will expire at 11:59p (ET) on JANUARY 3nd  (extended one day due to the declaration of a federal holiday TOMORROW (12/5) for the national day of mourning for former President GEORGE H.W. BUSH) unless extended or terminated.  Noteholders who validly tender and do not validly withdraw their notes before 5p (ET) DECEMBER 18th (also extended by a day because of the holiday) will get $1,010 per $1,000 in principal amount of the notes, a $10 early tender premium.

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