Urban media specialist Radio One closed on a new $350 million senior secured credit facility with Guggenheim Securities Credit Partners as administrative agent and The Bank of New York Mellon as collateral agent.

According to a related 8-K, Guggenheim Securities served as sole lead arranger and sole bookrunning manager.

All of the $350 million in term loan borrowings was advanced and outstanding on the date of the closing of the transaction.

The facility matures on the earlier of either April 18, 2023 or in the event such debt is not repaid or refinanced, 91 days prior to the maturity of either of the company’s 7.375% senior secured notes due 2022 or its 9.25% senior subordinated notes due 2020.

The interest rate on borrowings under the facility are based on either the then-applicable base rate equal to the greater of the prime rate published in the Wall Street Journal, half of 1% in excess rate of the overnight Federal Funds Rate at any given time, the one-month LIBOR rate commencing on such day plus 1.00% and 2%, or the then applicable LIBOR rate.

Radio One’s obligations under the new facility are secured, subject to permitted liens and except for certain excluded assets on a first priority basis by certain notes priority collateral and on a second priority basis by collateral for the company’s asset-backed line of credit.

Proceeds from the facility were used to pay in full the company’s existing credit facility, which was then terminated.