Urban One: Tumbles after downbeat FY forecast, $825 mln notes offering

Urban One

07/01/2021 15:51

** Shares of media company which targets African Americans
 UONEK.O  slump 22% to $1.38, snapping three-straight sessions
of gains 
    ** Co to offer $825 mln senior secured notes due 2028 in a
private offering  urn:newsml:reuters.com:*:nPnc8DJzba
    ** UONEK intends to use net proceeds together with cash on
hand to repay/redeem outstanding loans
    ** Expects full-year consolidated net revenue to be between
$373 mln and $377 mln compared to $436.9 mln in 2019
 urn:newsml:reuters.com:*:nPn5kk2PXa
    ** Stock up 19% this year 

 (Reporting by Shreyasee Raj in Bengaluru)
 ((Shreyasee.Raj@thomsonreuters.com;))