Radio One, Inc. Announces Amendment to Credit Agreement
WASHINGTON, Dec. 19, 2012
WASHINGTON, Dec. 19, 2012 /PRNewswire/ --Radio One, Inc. (the "Company" or
"Radio One") (Nasdaq: ROIAK and ROIA) today announced that it has secured an
amendment (the "Amendment") to its March 2011 Credit Agreement (the "Credit
Agreement"). The Amendment (i) modifies financial covenant levels with respect
tothe Company'stotal-leverage, secured-leverage, and interest-coverage
hurdles; (ii) increases the amount of cashthe Companycan net for
determination of its net indebtedness tests, and (iii) extends the time for
certain of the Credit Agreement's call premium while reducing the time for its
later and lower premium. The Amendment became effective as of December 19,
2012 and was secured with the unanimous consent of holders of its loans under
the Credit Agreement.
(Logo: http://photos.prnewswire.com/prnh/20090806/PH57529LOGO )
Cautionary Information Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange Act.
Forward-looking statements represent management's current expectations and are
based upon information available to the Company at the time of this press
release. These forward-looking statements involve known and unknown risks,
uncertainties and other factors, some of which are beyond the Company's
control, that may cause the actual results to differ materially from any
future results, performance or achievements expressed or implied by such
forward-looking statements.Important factors that could cause actual results
to differ materially are described in the Company's reports on Forms 10-K/A,
10-Q/A and 10-Q and other filings with the SEC.
Radio One, Inc. (http://www.radio-one.com/) is a diversified media company
that primarily targets African-American and urban consumers. The Company is
one of the nation's largest radio broadcasting companies, currently owning
and/or operating 55 broadcast stations located in 16 urban markets in the
United States. As a part of its core broadcasting business, Radio One operates
syndicated programming including the Russ Parr Morning Show, the Yolanda Adams
Morning Show, the Rickey Smiley Morning Show, CoCo Brother Live, CoCo
Brother's "Spirit" program, Bishop T.D. Jakes' "Empowering Moments", the
Reverend Al Sharpton Show, and the Warren Ballentine Show. The Company also
owns a controlling interest in Reach Media, Inc.
(http://www.blackamericaweb.com/), owner of the Tom Joyner Morning Show and
other businesses associated with Tom Joyner. Beyond its core radio
broadcasting business, Radio One owns Interactive One
(http://www.interactiveone.com/), an online platform serving the
African-American community through social content, news, information, and
entertainment, which operates a number of branded sites, including News One,
UrbanDaily, HelloBeautiful, Community Connect Inc.
(http://www.communityconnect.com/), an online social networking company, which
operates a number of branded websites, including BlackPlanet, MiGente, and
Asian Avenue. In addition, the Company owns a controlling interest in TV One,
LLC (http://www.tvoneonline.com/), a cable/satellite network programming
primarily to African-Americans.
SOURCE Radio One
Contact: Peter D. Thompson +1-301-429-4638
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