WASHINGTON, Nov. 19, 2010 /PRNewswire-FirstCall/ -- Radio One, Inc. (the "Company" or "Radio One") (Nasdaq: ROIAK and ROIA) today announced that its pending exchange offer (the "Amended Exchange Offer") relating to its 8-7/8% Senior Subordinated Notes due 2011 (the "2011 Notes") and its 6-3/8% Senior Subordinated Notes due 2013 (the "2013 Notes" and together with the 2011 Notes, the "Existing Notes") expired at 5:00 p.m., New York City time, on November 19, 2010 (the "Expiration Time"). As of the Expiration Time, approximately 98% of the combined aggregate principal amount outstanding of the 2011 Notes and the 2013 Notes had been validly tendered and not withdrawn and approximately 96% in aggregate principal amount outstanding of the 2011 Notes had been validly tendered and not withdrawn, which together satisfied the minimum tender conditions of the Amended Exchange Offer.
The Company intends to accept all Existing Notes tendered in the Amended Exchange Offer and otherwise complete the transactions contemplated by the Amended Exchange Offer, the Support Agreement between it and certain holders of the Existing Notes and related transactions by November 24, 2010, or as soon as reasonably practicable thereafter (the "Settlement Date"). The Company also intends to pay accrued but unpaid interest on any Existing Notes tendered in the Amended Exchange Offer on the Settlement Date. The Company's pending amendment to its senior secured credit facility will become effective on the Settlement Date.
BNY Mellon Shareowner Services is acting as exchange agent and information agent and may be contacted at (800) 777-3674 or (201) 680-6579.The new securities to be issued pursuant to the Amended Exchange Offer on the Settlement Date have not been registered under the Securities Act or any state securities laws. Therefore, the new securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. This press release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities. The offer is being made only pursuant to an offering memorandum and related offering materials and only to such persons and in such jurisdictions as is permitted under applicable law.