As Audacy continues active talks with lenders to refinance its debt, the company is opting to use a 30-day grace period for an $18 million cash interest payment. The interest, originally due on September 30, comes from 6.75% notes due in 2029.
As of June 30, Audacy’s long-term debt had increased to over $1.92 billion, according to its 10-Q filing with the Securities and Exchange Commission. The company emphasized that this decision will not affect its business operations or commitments to advertisers, employees, and other stakeholders.
Audacy stated that opting for the grace period won’t lead to a default event as per the agreement governing the Notes, and the company maintains the right to fulfill the interest payment to the Noteholders before the grace period concludes.
“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 Audacy Chairman, President, and CEO David Field. “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.”
Not a good time to refinance anything with the idiot in the WH and his goons in the cabinet driving interest rates up…
“…as we execute on our overall growth strategy.” They don’t have one. In fact, they don’t have any strategy. Dear lenders, cut your deal on the condition the whole c-suite gets blown out.