Audacy has been granted an additional 30-day extension to delay the default on its 6.75 percent senior secured second-lien notes, due from March 31, 2029, through November 29.
The company recently missed a payment of around $18 million due on September 30. Audacy is now utilizing the 30-day grace period to hold discussions with lenders and explore ways to strengthen its capital structure.
Furthermore, Audacy aims to support its solid business operations and position itself for long-term growth. As a result, they announced that it would utilize the grace period for two more payments due this week.
“We continue to engage in discussions with our lenders as we execute on our overall growth strategy and remain focused on investing in our people, platform, content and technology capabilities to serve our listeners and customers,” said David Field, Chairman, President, and CEO of Audacy.
“We continue to drive progress across our key performance metrics, meaningfully advance our ad tech and product roadmap, and enter new partnerships to enhance content, distribution, and monetization opportunities.”
Audacy was supposed to make an interest payment of roughly $17 million on October 31 to JPMorgan Chase Bank as part of its credit agreement but has gained a three-day grace period.
Additionally, the company has added a 30-day grace period for its payment of approximately $15 million, due on November 1, for its 6.500 percent senior secured second-lien notes due May 1, 2027.
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
