URBAN ONE, INC. ANNOUNCES OFFERS AND CONSENT SOLICITATION

Rhea-AI Summary

Urban One (NASDAQ:UONE/UONEK) launched an exchange offer, tender offer and consent solicitation dated Nov 14, 2025 to restructure its 7.375% Senior Secured Notes due 2028 (outstanding $487,836,000). The company offers new 7.625% Senior Secured Notes due 2031, cash for purchases (Tender Cap $185.0M for up to $111.0M cash) and a subscription to up to $60.6M of 10.500% first lien notes due 2030.

A Transaction Support Agreement with holders representing ~73% of existing notes includes a 3.0% backstop premium; key deadlines: Early Tender Dec 1, 2025, Expiration Dec 15, 2025.

Positive

• Tender offer provides up to $111.0M cash liquidity
• Subscription allows up to $60.6M new first lien financing
• Transaction support from holders representing ~73% outstanding notes
• Backstop premium of 3.0% to backstoppers

Negative

• Existing notes outstanding $487.836M remain significant
• Tender Cap $185.0M may trigger proration if oversubscribed
• New debt carries higher coupons: 7.625% and 10.500%
• Offers conditioned on refinancing asset-based facility or lender consents

Insights

Debt Structuring Expert

Urban One is restructuring secured 2028 notes into longer‑dated notes, adding a subscription and backstop.

The company is offering an exchange of its 7.375% Senior Secured Notes due 2028 for newly issued 7.625% Senior Secured Notes due 2031, a cash tender offer capped at $111.0 million for up to $185.0 million principal, and a subscription for up to $60.6 million of new first‑lien notes due 2030. A Transaction Support Agreement covers roughly 73% of outstanding notes and provides a backstop for the Subscription Offer in exchange for a premium equal to 3.0% of New First Lien Notes issued. The Exchange Consideration includes $3.75 cash per $1,000 of Existing Notes plus exchange notes; the Tender Consideration is illustrative at $600 per $1,000 accepted (subject to proration).

The mechanics concentrate on extending maturities and moving secured claims into new instruments while seeking consent to remove covenants, guarantees and liens. The Offers require full tender of an holder’s Existing Notes to participate in certain options and set strict early deadlines (Dec 1, 2025 Early Tender Date; Dec 3, 2025 Funding Deadline; Dec 15, 2025 Expiration Date). Watch the $185.0 million Tender Cap, the 98% minimum tender condition in the support agreement, and the backstop funding timing as immediate execution risks.

Credit Risk Expert

The proposal materially weakens secured creditor protections by removing liens and guarantees, while extending maturities.

Consenting holders that tender will exchange 2028 paper for longer‑dated notes and likely accept removal of restrictive covenants, elimination of guarantees and release of liens as part of the Proposed Amendments. The Consent Solicitation ties acceptance and consent together; holders cannot tender without consenting and vice versa, and rights to withdraw end at the Withdrawal Deadline (Dec 1, 2025), which concentrates decision pressure.

Key items to monitor near term include whether the 73% supporting holders satisfy the 98% minimum tender condition, the company’s concurrent refinancing of its asset‑based lending facility or required lender consents, and actual proration if tenders exceed the $185.0 million Tender Cap; these factors will determine how much secured collateral and covenant protection remains and the effective recovery profile for remaining creditors within the next few weeks to months.

SILVER SPRING, Md., Nov. 14, 2025 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE) (the "Company") today announced that it has commenced an offer to exchange (the "Exchange Offer") any and all of the Company's outstanding 7.375% Senior Secured Notes due 2028 (the "Existing Notes") held by Eligible Holders (as defined below) for newly issued 7.625% Senior Secured Notes due 2031 (the "Exchange Notes"), to be issued by the Company and guaranteed by each existing and future subsidiaries of the Company, and cash.

In connection with the Exchange Offer, the Company has commenced an offer to purchase (the "Tender Offer") up to $185.0 million in aggregate principal amount of the Existing Notes for up to $111.0 million in cash. To the extent Existing Notes in a principal amount greater than $185.0 million are tendered into the Tender Offer, the Tender Offer will be oversubscribed, and Existing Notes accepted in the Tender Offer will be subject to proration, as described below. Eligible Holders will only be entitled to participate in the Tender Offer if they elect to exchange all of their Existing Notes in the Exchange Offer other than those Existing Notes, if any, accepted for purchase in the Tender Offer.

In connection with the Exchange Offer, the Company is also offering Eligible Holders the right to subscribe to purchase (the "Subscription Offer" and, together with the Exchange Offer and the Tender Offer, collectively, the "Offers") up to $60.6 million in aggregate principal amount of 10.500% first lien senior secured notes due 2030 (the "New First Lien Notes" and, together with the Exchange Notes, the "New Notes"). Eligible Holders will only be entitled to participate in the Subscription Offer if they tender all of their Existing Notes in the Exchange Offer only or in the Exchange Offer and Tender Offer. Furthermore, to be eligible to participate in the Subscription Offer, Eligible Holders must tender their Existing Notes at or prior to the Early Tender Date (as defined below) and deliver in cash an amount equal to the purchase price therefor by the Funding Deadline (as defined below).

In addition, the Company is soliciting consents (the "Consents" and such solicitation, the "Consent Solicitation") from Eligible Holders of the Existing Notes to adopt certain proposed amendments to the indenture governing the Existing Notes (the "Existing Notes Indenture") to eliminate substantially all of the restrictive covenants and certain of the default provisions, modify covenants regarding mergers and consolidations and modify or eliminate certain other provisions, including removing the requirement that the Company make an offer to repurchase the Existing Notes if the Company experiences certain change of control transactions, releasing the guarantees provided by the guarantors of the Existing Notes, and eliminating any requirement to provide guarantees in the future with respect to the Existing Notes, releasing the liens on all of the collateral securing the Existing Notes and eliminating any requirement to provide collateral in the future with respect to the Existing Notes (collectively, the "Proposed Amendments").

The Company's obligation to accept for exchange or purchase Existing Notes validly tendered (and not validly withdrawn) and to issue New First Lien Notes pursuant to the Offers and the related Consent Solicitation is subject to the satisfaction or, if permitted, waiver of certain conditions set forth in the confidential offering memorandum and consent solicitation statement, dated November 14, 2025 (the "Offering Memorandum").

On November 14, 2025, the Company entered into a Transaction Support Agreement (the "Transaction Support Agreement") with certain holders (the "Supporting Noteholders") of Existing Notes that collectively hold approximately 73% of the outstanding principal amount of Existing Notes as of November 13, 2025. Pursuant to the Transaction Support Agreement, each Supporting Noteholder has agreed to (i) tender the maximum amount accepted by the Company of its Existing Notes in the Tender Offer and the remaining portion of its Existing Notes in the Exchange Offer and deliver its related Consents in the Consent Solicitation and (ii) collectively with the other Supporting Noteholders, backstop the full Subscription Offer as set forth in the Transaction Support Agreement (the "Backstop Commitment"). In consideration for the Supporting Noteholders' Backstop Commitment, the Company will pay to the Supporting Noteholders a premium in an amount equal to 3.0% of the total aggregate principal amount of New First Lien Notes issued in connection with the Subscription Offer and the Backstop Commitment, as set forth in the Transaction Support Agreement. The Transaction Support Agreement includes representations, warranties, covenants and closing conditions customary for agreements of this type, including the condition that a minimum of 98% of the outstanding aggregate principal amount of Existing Notes shall have been validly tendered (and not validly withdrawn) pursuant to the Exchange Offer and/or Tender Offer.

The Offers and the Consent Solicitation will expire at 5:00 P.M., New York City time, on December 15, 2025, unless extended (such time and date as it may be extended, the "Expiration Date"), or earlier terminated. To be eligible to participate in the Subscription Offer, Eligible Holders must tender their Existing Notes at or prior to 5:00 P.M., New York City time, on December 1, 2025, unless extended by the Company (such time and date as it may be extended, the "Early Tender Date") and deliver in cash an amount equal to the purchase price therefor by 11:59 P.M., New York City time, on December 3, 2025, unless extended (such time and date as it may be extended, the "Funding Deadline"). Rights to withdraw tendered Existing Notes and revoke Consents terminate at 5:00 P.M., New York City time, on December 1, 2025, unless extended (such time and date as it may be extended, the "Withdrawal Deadline"), except for certain limited circumstances where additional withdrawal rights are required by law. Each Eligible Holder that tenders Existing Notes into the Exchange Offer and/or Tender Offer will be deemed to have given its Consent to the Proposed Amendments with respect to those tendered Existing Notes. No additional consideration will be paid for Consents. The Early Tender Date, the Funding Deadline or the Expiration Date with respect to the Offers and Consent Solicitation can be extended independently of the Withdrawal Deadline for the Offers and Consent Solicitation.

Each participating Eligible Holder must tender all of the Existing Notes it holds for purchase in the Tender Offer and/or exchange in the Exchange Offer. Partial tenders of Existing Notes will not be accepted.

The Existing Notes will only be accepted for exchange or purchase by the Company in minimum principal amounts of $2,000 and integral multiples of $1,000 thereafter. No alternative, conditional or contingent tenders will be accepted.

The Company will not accept any tender of Existing Notes that would result in the issuance of less than $2,000 principal amount of Exchange Notes. The Exchange Notes will only be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. If, pursuant to the Offers and Consent Solicitation, a tendering Eligible Holder would otherwise be entitled to receive Exchange Notes in a principal amount that is not an integral multiple of $1,000, such principal amount will be rounded down to the nearest integral multiple of $1,000. This rounded amount will be the principal amount of Exchange Notes that Eligible Holders will receive, and no additional cash will be paid in lieu of any principal amount of Exchange Notes not received as a result of rounding down.

The New First Lien Notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

This summary offering table indicates the treatment to be offered in the Offers per $1,000 principal amount of Existing Notes validly tendered and not validly withdrawn. The term "Exchange Consideration" refers to the Exchange Notes and the cash being offered to Eligible Holders of the Existing Notes pursuant to the Exchange Offer, and the term "Tender Consideration" refers to the cash payment being offered to Eligible Holders of the Existing Notes pursuant to the Tender Offer.

Eligible Holders electing to participate in: (a) only the Exchange Offer are referred to herein as "Exchange Offer Only Participants," (b) the Exchange Offer and the Tender Offer are referred to herein as "Exchange Offer and Tender Offer Participants," (c) the Exchange Offer, the Tender Offer and the Subscription Offer are referred to herein as "Exchange Offer, Tender Offer and Subscription Offer Participants," and (d) the Exchange Offer and the Subscription Offer are referred to herein as "Exchange Offer and Subscription Offer Participants." The Exchange Offer and Tender Offer Participants and the Exchange Offer, Tender Offer and Subscription Offer Participants are collectively referred to herein as the "Tender Offer Participants."

Each participating Eligible Holder must tender all of the Existing Notes it holds for purchase in the Tender Offer and/or exchange in the Exchange Offer through The Depository Trust Company's ("DTC") Automated Tender Offer Program ("ATOP"). Partial tenders of Existing Notes will not be accepted. Within ATOP, each participating Eligible Holder must tender all of the Existing Notes it holds into the appropriate contra-CUSIP corresponding with its decision to participate as (1) an Exchange Offer Only Participant, (2) an Exchange Offer and Tender Offer Participant, (3) an Exchange Offer, Tender Offer and Subscription Offer Participant or (4) an Exchange Offer and Subscription Offer Participant.

In order to be eligible to participate in the Subscription Offer, Subscription Offer Participants are obligated to tender their Existing Notes through DTC's ATOP at or prior to the Early Tender Date and to deliver in cash an amount equal to the applicable purchase price at or prior to the Funding Deadline.

				Treatment per $1,000 Principal Amount of Existing Notes Validly Tendered and Not Validly Withdrawn(3)
Aggregate Principal Amount Outstanding(1)	Title of Series of Existing Notes	CUSIP No. / ISIN(2)	Participant Type	Tender Consideration(4)	Exchange Consideration	Principal Amount of New First Lien Notes
$487,836,000	7.375% Senior Secured Notes due 2028	144A: 91705J AC9 / US91705JAC99 Reg S: U9155T AB3 / USU9155TAB36
			Exchange Offer Only Participant	—	$1,000 principal amount of Exchange Notes and $3.75 in cash	—
			Exchange Offer and Tender Offer Participant	$600 in cash (for Existing Notes accepted up to the Tender Cap)	$1,000 principal amount of Exchange Notes and $3.75 in cash	—
			Exchange Offer, Tender Offer and Subscription Offer Participant	$600 in cash (for Existing Notes accepted up to the Tender Cap)	$1,000 principal amount of Exchange Notes and $3.75 in cash	Subject to the tendering Eligible Holder's cash payment of the Purchase Price, its pro rata portion of New First Lien Notes
			Exchange Offer and Subscription Offer Participant	—	$1,000 principal amount of Exchange Notes and $3.75 in cash	Subject to the tendering Eligible Holder's cash payment of the Purchase Price, its pro rata portion of New First Lien Notes

(1)	The outstanding principal amount reflects the aggregate principal amount outstanding as of November 13, 2025 but does not include accrued and unpaid interest.
(2)	No representation is made as to the correctness or accuracy of the CUSIP numbers or ISINs listed in this press release or in the Offering Memorandum or printed on the Existing Notes. Such CUSIP numbers and ISINs are provided solely for the convenience of the holders of the Existing Notes.
(3)	Any accrued and unpaid interest on the Existing Notes accepted for exchange or purchase, as applicable, in the Exchange Offer and/or Tender Offer to, but not including, the settlement date for the Offers will be paid in cash at settlement.
(4)	The maximum principal amount of Existing Notes that will be accepted for purchase in the Tender Offer is $185.0 million, and the maximum amount of cash consideration that will be paid for Existing Notes validly tendered (and not validly withdrawn) in the Tender Offer is $111.0 million. If $185.0 million or less in aggregate principal amount of Existing Notes is validly tendered (and not validly withdrawn) by all Subscription Offer Participants together, all such participants will receive $600 per $1,000 principal amount of Existing Notes tendered (the "Tender Consideration") in respect of all of their tendered Existing Notes. To the extent Existing Notes in a principal amount greater than $185.0 million are tendered into the Tender Offer, the Tender Offer will be oversubscribed, and Existing Notes accepted in the Tender Offer will be subject to proration. In such case, the amount of Existing Notes that will be accepted in the Tender Offer for each Tender Offer Participant will be equal to the product of (a) the aggregate principal amount of Existing Notes tendered by such Tender Offer Participant and (b) the quotient of $185.0 million (the "Tender Cap") divided by the total principal amount of Existing Notes validly tendered (and not validly withdrawn) in the Tender Offer. Eligible Holders who elect to participate in the Tender Offer will receive the Tender Consideration for its Existing Notes tendered up to the Tender Cap, with the remainder of their Existing Notes being exchanged for the Exchange Consideration in the Exchange Offer. The Tender Consideration depicted in the table above is for illustrative purposes only. The Tender Consideration will be impacted by participation levels in the Tender Offer and will be determined following the Expiration Date in the manner described in the Offering Memorandum.

Eligible Holders may not tender their Existing Notes without delivering the related Consents, and Eligible Holders may not deliver Consents without tendering the related Existing Notes. Existing Notes may not be withdrawn from the Offers and the related Consents may not be revoked from the Consent Solicitation after the Withdrawal Deadline, subject to applicable law.

The consummation of the Offers and the Consent Solicitation is subject to, and conditioned upon, the satisfaction or, if permitted, waiver by the Company of certain conditions, including the Supporting Noteholders' performance of their obligations under the Transaction Support Agreement, the Company's substantially concurrent refinancing of its existing asset-based lending facility (or, in lieu thereof, the receipt of consent from the required lenders thereunder to the consummation of the Offers) and the General Conditions (as defined in the Offering Memorandum). Subject to applicable law, the Company may amend, extend, terminate or withdraw any of the Offers and/or Consent Solicitation without amending, extending, terminating or withdrawing any of the others, at any time and for any reason, including if any of the conditions set forth under "Conditions to the Offers and Consent Solicitation" in the Offering Memorandum with respect to the Offers are not satisfied as determined by the Company in its sole discretion.

The New Notes and the offering thereof have not been registered with the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act"), or any state or foreign securities laws. The Offers and Consent Solicitation will only be made, and the New Notes are only being offered and issued, to holders of Existing Notes that are (a) reasonably believed to be qualified institutional buyers in reliance on Rule 144A promulgated under the Securities Act or (b) non-U.S. persons, in transactions outside the United States, in reliance on Regulation S under the Securities Act (such holders, the "Eligible Holders"). Only Eligible Holders are authorized to receive or review the Offering Memorandum or to participate in the Offers. Copies of all the documents relating to the Offers and Consent Solicitation may be obtained from the Exchange and Information Agent (as defined below), subject to confirmation of eligibility through online procedures established by the Exchange and Information Agent, available at: www.dfking.com/UONE. There will be no letter of transmittal for the Offers.

Eligible Holders of the Existing Notes are urged to carefully read all of the information in, or incorporated by reference into the Offering Memorandum, including the information presented under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" before making any decision with respect to the Offers or the Consent Solicitation. None of the Company, its subsidiaries, the Exchange and Information Agent, the Dealer Manager (as defined in the Offering Memorandum), the applicable trustees under the indentures governing the Existing Notes and the New Notes, the applicable collateral agents under the indentures governing the Existing Notes and the New Notes or any of their respective affiliates, makes any recommendation as to whether holders of Existing Notes should participate in the Offers or Consent Solicitation. Each Eligible Holder must make its own decision as to whether to participate in the Offers and whether to tender its Existing Notes and to deliver Consents.

Moelis & Company LLC has been appointed as the dealer manager and solicitation agent (the "Dealer Manager and Solicitation Agent") and D.F. King & Co., Inc. has been appointed as the exchange and information agent (the "Exchange and Information Agent"), respectively, for the Offers and Consent Solicitation. Questions concerning the Offers and the Consent Solicitation may be directed to the Dealer Manager and Solicitation Agent, in accordance with the contact details shown on the back cover of the Offering Memorandum.

No Offer or Solicitation

This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote, consent or approval in any jurisdiction in connection with the Offers and Consent Solicitation, or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In particular, this press release is not an offer of securities for sale into the United States. The New Notes to be offered in the Offers have not been registered under the Securities Act or any state securities laws, and unless so registered, New Notes may not be offered or sold in the United States or to any U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

About Urban One

Urban One Inc. (urban1.com), together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 35 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform, and inspire a diverse audience of adult Black viewers. As of September 30, 2025, the Company owned and/or operated 74 independently formatted, revenue producing broadcast stations (including 57 FM or AM stations, 15 HD stations, and the 2 low power television stations the Company operates), located in 13 of the most populous African-American markets in the United States. Through its controlling interest in Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Rickey Smiley Morning Show, and the DL Hughley Show. In addition to its radio and television broadcast assets, Urban One owns iOne Digital (ionedigital.com), our wholly owned digital platform serving the African American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African American and urban audiences.

Cautionary Note Regarding Forward-Looking Statements

Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including any statements regarding the consummation of the Offers and Consent Solicitation. Any statements that are not statements of historical fact should be considered forward-looking statements. In many cases, forward-looking statements can generally be identified by the use of forward-looking terminology such as "may," "plan," "predict," "expect," "estimate," "intend," "would," "will," "could," "should," "anticipate," "believe," "project" or "continue" or the negative thereof or other similar expressions. The forward-looking statements contained in this press release reflect our views as of the date of this press release and are based on our expectations and beliefs concerning future events, as well as currently available data as of the date of this press release. While we believe there is a reasonable basis for our forward-looking statements, they involve a number of risks, uncertainties, assumptions and changes in circumstances that may cause actual results, performance or achievements to differ significantly from those expressed or implied in any forward-looking statement, including, but not limited to, the adverse impact of failing to consummate the Offers and the Consent Solicitation, the risk that an insufficient number of holders of Existing Notes participate in the Offers and other risk factors described from time to time in the Company's filings with the SEC. Therefore, these statements are not guarantees of future events, results, performance or achievements, and you should not rely on them. All forward-looking statements included in this press release are based on information available to the Company as of the date on which such statements were made, and the Company assumes no obligation to update or revise any forward-looking statements to reflect events or circumstances that occur after such statements are made, except as required by law.

 

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SOURCE Urban One, Inc.

FAQ

What is Urban One offering in the Nov 14, 2025 exchange for UONE notes?

Exchange offer converts 7.375% notes due 2028 into 7.625% notes due 2031 plus cash of $3.75 per $1,000.

How much cash will Urban One pay in the Tender Offer and what is the Tender Cap?

The Tender Offer will pay up to $111.0M in cash with a Tender Cap of $185.0M principal accepted.

What are the key subscription terms for UONE's new first lien notes?

Eligible holders can subscribe for up to $60.6M of 10.500% first lien notes due 2030, subject to cash payment and pro rata allocation.

Which holders committed support for Urban One's transaction and what did they agree to?

Supporting noteholders holding ~73% of outstanding notes agreed to tender, deliver consents and backstop the Subscription Offer.

What are the important deadlines for UONE offers and consent solicitation?

Early Tender Date: Dec 1, 2025; Funding Deadline: Dec 3, 2025; Expiration Date: Dec 15, 2025.

What conditions could prevent the Offers from closing for Urban One (UONE)?

Closing is conditioned on supporting holders' performance, refinancing (or lender consent) of the asset-based facility and other general conditions.