Townsquare Announces New $490 Million Credit Agreement
Townsquare Media Inc announces a new $490 million credit agreement with Bank of America. The deal
provides Townsquare with a five-year, $470 million senior secured term loan facility and a five-year, $20 million senior secured revolving credit facility. Townsquare used $453 million of net proceeds from the Senior Secured Credit Facility plus cash on hand to redeem the outstanding 6.875% senior secured notes due 2026. Both the term loan and the credit revolver mature on February 19 of 2030.
related to Urban One’s failure to timely deliver quarterly reports for the first and second quarters of 2023 and sets a due date of November 30, 2023 for those and a December 31, 2023 due date for the third quarter financial report. Urban One also reports that it has received an Additional Staff Delisting Determination from the Listing Qualifications Department of The Nasdaq Stock Market LLC due to the delinquent Q3 2023 report. Urban One has a hearing set for November 30 and anticipates filing the delinquent Q1 and Q2 reports prior to the hearing. It also expects to file the Q3 report on or about December 31, 2023 and will present its plan to evidence full compliance with the Nasdaq listing criteria at the hearing.