Urban One enters into $242 million of term loan credit agreements

By Sarah Lizee

Olympia, Wash., Dec. 4 – Urban One, Inc. entered into a new credit agreement that is expected to provide up to about $192 million in unsecured term loan borrowings if drawn, according to a press release.

Additionally, some of the company’s subsidiaries entered into a credit agreement that is expected to provide up to about $50 million in term loan borrowings secured in part by those subsidiaries' interests in MGM National Harbor.

The company said there are significant conditions precedent to the funding of borrowings under both credit agreements.

Proceeds from the unsecured term loan will be used to finance the company’s cash tender offer for its 9¼% senior subordinated notes due 2020 or to otherwise refinance, repurchase, redeem or repay the notes.

Urban One, formerly known as Radio One, Inc., is a Washington-based urban-oriented multimedia company.

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