UONEK - Urban One -7% on exchanging notes at higher interest

Urban One ([[UONEK]]) starts the private offer to exchange its outstanding $350M of 7.375% senior secured notes due 2022  for newly issued 8.75% senior secured notes due 2022.The company says the new notes are being offered to provide additional financial flexibility as new notes will mature eight months after the existing notes are scheduled to mature.In early tender offer, existing holders will receive $1,000 in principal amount of new notes plus $10 cash per $1,000 existing notes principal.Offer will expire at 11:59 PM ET on Oct. 30, 2020.

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Urban One -7% on exchanging notes at higher interest