Company: UONE
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001041657-25-000034
Chunk: 35

Company: URBAN ONE, INC.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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20

10. LONG-TERM DEBTLong-term debt consists of the following:March 31,2025December 31,2024(In thousands)2028 Notes$556,348 $584,575 Total debt556,348 584,575 Less: issuance discount and issuance costs(4,854)(5,506)Long-term debt, net$551,494 $579,069 2028 NotesOn January 25, 2021, the Company closed on an offering (the “2028 Notes”) of $825.0 million in aggregate principal amount of the 2028 Notes in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The 2028 Notes mature on February 1, 2028 and interest on the 2028 Notes accrues and is payable semiannually in arrears on February 1 and August 1 of each year at a rate of 7.375% per annum. The 2028 Notes and the guarantees are secured, subject to permitted liens and except for certain excluded assets (i) on a first priority basis by substantially all of the Company’s and the guarantors’ current and future property and assets (other than accounts receivable, cash, deposit accounts, other bank accounts, securities accounts, inventory and related assets that secure the Company’s asset-backed revolving credit facility on a first priority basis (the “ABL Priority Collateral”), including the capital stock of each guarantor (collectively, the “Notes Priority Collateral”) and (ii) on a second priority basis by the ABL Priority Collateral. The 2028 Notes require the Company to file quarterly and annual reports with the SEC within a specified time period after the Company’s fiscal quarter end and year end. However, failure to comply does not constitute an event of default unless the Company does not comply within 120 days after receiving written notice from the Trustee. The Company has not received any such notice.The Company conducts a portion of its business through its subsidiaries. Certain of the Company’s subsidiaries have fully and unconditionally guaranteed the Company’s 2028 Notes.The deferred financing costs included in interest expense for all instruments, for each of the three months ended March 31, 2025 and 2024, was approximately $0.5 million. The Company’s effective interest rate for the three months ended March 31, 2025 and 2024 was 7.