Bondholders OK Radio One Credit Move

story by DCRTV

Finally, Radio One wins bondholder approval to finish an important exchange. Tom Taylor, in his TRI newsletter, tells us that lets the Lanham-based urban radio giant proceed with amending its senior credit facility and finishing up business that's been stalled since July, when Radio One first tendered for its 2011 and 2013 notes.

Its effort to exchange those issues for dates with later maturities got stalled just shy of the 90% mark, and eventually its senior lenders blocked an interest payment in August. CEO Alfred Liggins kept negotiating and by last Friday afternoon the company had enough consents on the notes to finish the exchange.