Link: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lende
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Audacy said Monday that it didn’t make an $18 million loan interest payment that was due Sept. 30 as it continues to negotiate with its lenders. Using the 30-day grace period on its second-lien notes, which mature March 31, 2029, Audacy won’t trigger an event of default under the loan terms and the company retains the right to make the interest payment through the end of the grace period.
In addition to the approximately $1 billion in bonds Audacy owes its second lien lenders, the company has $632.4 million in first lien debt coming due in November 2024.
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