Urban One Reports 92% Early Tender in Debt Exchange

RADIO ONLINE | Monday, December 1, 2025 | 8:58pm CT

Urban One

Urban One Inc. says it has received overwhelming early support for its previously announced debt exchange, tender, and subscription offers, with Eligible Holders tendering approximately $450 million of its 7.375% Senior Secured Notes due 2028 as of the early deadline on December 1.

According to figures reported by exchange agent D.F. King & Co., the tenders represent 92.2% of all Existing Notes outstanding -- an amount that significantly oversubscribes the company's Tender Offer, which is capped at $185 million in principal and $111 million in cash.

Urban One received roughly $449.5 million in notes tendered by holders seeking the cash Tender Consideration, far exceeding the Tender Cap. As a result, the company confirmed the Tender Offer will be prorated, with only a portion of each participating holder's tendered notes eligible for the $600-per-$1,000 payout. Remaining notes will be exchanged into new 7.625% Second Lien Senior Secured Notes due 2031 plus a small cash component.

Another $480,000 in notes was tendered by investors participating only in the Exchange Offer.

Ahead of the early deadline, holders subscribed for $4.7 million in new 10.500% First Lien Senior Secured Notes due 2030. Under a previously announced Transaction Support Agreement, Supporting Noteholders have agreed to backstop the full $60.6 million offering, and are expected to acquire the remaining $55.9 million. Participation in the Subscription Offer is now closed.

Moelis & Company is serving as dealer manager and solicitation agent, and D.F. King & Co. is the exchange and information agent.