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Audacy granted a 30 day extension to make its missed bond payment

Here's an analysis from Bloomberg:


The industry’s biggest source of revenue, local and national ads, is in free fall. Audacy said such revenue fell 9.3% in the third quarter, and it expects a similar drop this period. IHeart said on Nov. 9 that broadcast revenue dropped by 6.1% in the third quarter. It expects total revenue to slump by a high-single-digit percentage in the fourth quarter after falling 3.6% in the prior period. Audacy’s overall revenue decreased by 5.6% in the third quarter.
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Bad idea to put all of your eggs in one basket.
 
A new 8K was just posted and a new batch of payment extensions were announced. Now, the delinquent payment grace periods have been extended to December 10 or December 11:


Interestingly, JPM Chase has resigned as Admin Agent as to the syndicated facilities covered by the 1st lien Credit Agreement. This usually means they sold their debt to someone else (Field family members? Vulture capitalists? Some subset of the 2nd lien lenders?) Tough to say.
 
MarkW said:
A new 8K was just posted and a new batch of payment extensions were announced. Now, the delinquent payment grace periods have been extended to December 10 or December 11:


Interestingly, JPM Chase has resigned as Admin Agent as to the syndicated facilities covered by the 1st lien Credit Agreement. This usually means they sold their debt to someone else (Field family members? Vulture capitalists? Some subset of the 2nd lien lenders?) Tough to say.
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My guess is a hedge fund.
 
MarkW said:
No preferred shares exist.

There are about 5 million common shares outstanding, nearly all of which are class A common shares.
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You mean the Fields' hold no preferred shares? I can't imagine Joe not holding at least 40% himself.
 
MarkW said:
Joseph owns about 10 percent of the common shares at last report. David owns just under 4 percent.
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Wow, that's a small percentage considering it's basically a family company. It also puts them in jeopardy when hedge funds or hostile board members join.
 
I think those percentages exclude LLCs and other entities (such as trusts) that own shares that are either controlled by the Field Family or where Field Family members are beneficiaries.

I just took a fresh look at the 2022 10K filing. It stated voting shares "beneficially owned" (which means directly + indirectly owned) by Joseph were just under 19 percent and by David were just north of 15 percent. Those figures were as of late February of this year.

These percentages are more relevant than those I initially stated.
 
MarkW said:
I think those percentages exclude LLCs and other entities (such as trusts) that own shares that are either controlled by the Field Family or where Field Family members are beneficiaries.

I just took a fresh look at the 2022 10K filing. It stated voting shares "beneficially owned" (which means directly + indirectly owned) by Joseph were just under 19 percent and by David were just north of 15 percent. Those figures were as of late February of this year.

These percentages are more relevant than those I initially stated.
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Apparently there are two classes of common, one with multiple voting rights. Those are, as I said, "apparently" owned by Joseph and David.
 
DavidEduardo said:
Apparently there are two classes of common, one with multiple voting rights. Those are, as I said, "apparently" owned by Joseph and David.
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Here's how they announced the stock split a few months ago:

At the effective time of the reverse stock split, Audacy shareholders received one share of Company Class A or Class B common stock for every 30 shares of Class A or Class B common stock.
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TheBigA said:
Here's how they announced the stock split a few months ago:
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That would not change the added voting rights of the B shares.
 
MarkW said:
A new 8K was just posted and a new batch of payment extensions were announced. Now, the delinquent payment grace periods have been extended to December 10 or December 11:


Interestingly, JPM Chase has resigned as Admin Agent as to the syndicated facilities covered by the 1st lien Credit Agreement. This usually means they sold their debt to someone else (Field family members? Vulture capitalists? Some subset of the 2nd lien lenders?) Tough to say.
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Also latest extension includes 2027 and 2029 Notes, now $50 million due by 12/11 among credit agreements to avoid default on extensions. Any thoughts on how that will get funded, guessing they have churned $8-$10 million on all the November extension negotiations.
 
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