Urban One has announced robust early results from its debt restructuring plan. 92% of bondholders, representing $450 million in debt, submitted their notes before the December 1 early tender deadline as the company advances a three-part refinancing strategy.
Urban One’s move, revealed last month, follows a series of similar debt exchanges across the radio industry as companies work to refinance under higher interest rates. iHeartMedia, Cumulus Media, and Beasley Media Group all executed comparable exchanges in 2024, each also securing participation rates above 90%.
The plan includes exchanging existing 7.375% Senior Secured Notes due 2028 for new 7.625% Second Lien Senior Secured…