Audacy Provides Capital Structure Update
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Continues to Engage in Discussions with Lenders to Deleverage Balance Sheet and Improve Capital Structure to Position Company for Long-Term Growth
Elects to Utilize Grace Period for Interest Payment Due on Senior Secured 2029 Notes
Decision Does Not Impact Day-to-Day Operations or Other Obligations to Advertisers, Employees or Other Stakeholders
To continue to facilitate its discussions with lenders, Audacy has elected to utilize the 30-day grace period for the cash interest payment in the amount of approximately
Audacy’s decision does not impact any of its business operations or obligations to advertisers, employees, suppliers or other stakeholders. Audacy continues to focus on growing and enhancing its capabilities as a leading, multi-platform audio content and entertainment company.
“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 Chief Executive Officer 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.”
The decision to utilize the grace period will not trigger an event of default under the indenture governing the Notes, and the Company retains the right to make the interest payment to the holders of the Notes through the end of the grace period.
About Audacy
Audacy, Inc. is a leading multi-platform audio content and entertainment company with the country’s best collection of local music, news and sports brands, a premium podcast creator, major event producer and digital innovator. Audacy engages 200 million consumers each month, bringing people together around content that matters to them. Learn more at www.audacyinc.com, Facebook (Audacy Corp), Twitter (@AudacyCorp), LinkedIn (@Audacy-Inc), Instagram (@lifeataudacy) and Threads (@AudacyCorp).
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the
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David Heim
Audacy
212-649-9676
David.Heim@audacy.com
Source: Audacy, Inc.