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Insights into Urban One – Transaction Snapshot, including:

• Multi-Faceted Transaction Structure: Explore Urban One’s strategic exchange offer combining a 60% cash tender for existing first-lien bonds with a par-for-par exchange into new second-lien notes, plus a $60mn new money subscription opportunity.
• Maturity Extension and Debt Reduction: Discover how the Urban One exchange offer pushes out maturities by 2-3 years while capturing $73mn in debt discount, reducing total debt by $124mn and net leverage by one full turn to 4.9x.
• Participation Economics and Incentives: Learn about the blended consideration offering bondholders a 9-point premium to market, 250bps coupon step-up on exchange notes, and access to new 10.5% first-lien notes for participating investors.
• Capital Structure Transformation: See how Urban One shifts from a $488mn first-lien only structure to a split $62mn first-lien/$303mn second-lien profile, with covenant stripping and lien releases contingent on 98% minimum participation.
• Trading Context and Fundamental Backdrop: Understand the transaction against Urban One’s 16% revenue decline and 44% EBITDA contraction in Q3, with bonds trading in the 50-60 range and management’s history of open-market repurchases at discounted levels.