Debt Terms Around Charlotte Property Amended By Urban One
Holders of top-ranking Urban One bonds have said yes to a buyback of lower-ranking debt, funding new investments — or further borrowing — so long as it makes fiscal sense. It's a move disclosed in a SEC filing following the sale of real estate in Charlotte by the company run by Alfred Liggins III. Urban One, the company founded by Cathy Hughes and now run by Alfred Liggins III, has amended its debt terms to allow for a buyback of lower-ranking debt, funding new investments or borrowing. The move was disclosed in a SEC filing following the sale of real estate in Charlotte. Holders of a majority of Urban One's First Lien Notes have agreed to sign a Second Supplemental Indenture that expands the permitted uses of proceeds from certain asset sales and makes other technical amendments. Once Urban One receives the cash, it has 45 days to decide how to use it. Investment options include buying back some of its second-lien bonds on the open market, investing in new assets in the Charlotte market, or splitting the funds between the two.
Published : 23 hours ago by Cameron Coats in Business Finance
Holders of top-ranking Urban One bonds have said yes to a buyback of lower-ranking debt, funding new investments — or further borrowing — so long as it makes fiscal sense. It’s a move disclosed in a S... [2418 symbols]
