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S&P revises Urban One outlook to stable on refinancing plan

S&P Global Ratings revised its outlook on Urban One Inc. to stable from negative over the expectation that the company will generate about $50 million of free operating cash flow over the next year.

The free operating cash flow will be mainly used for debt reduction and to reduce leverage to the mid-6x area, according to the rating agency. S&P affirmed the B- issuer credit rating on the radio broadcaster and cable TV operator and lowered the issue-level ratings to B- from B.

The agency believes that on completing the proposed refinancing, the redemption of the senior subordinated notes will lessen the refinancing risk associated with the November 2019 springing maturity of its existing $350 million senior secured term loan and result in no material maturities before 2022.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.