UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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| Item 8.01 | Other Events. |
On October 2, 2023, Audacy Capital Corp. (“Audacy Capital”), a direct, wholly-owned subsidiary of Audacy, Inc. (the “Company”), elected to utilize the 30-day grace period for the interest payment in the amount of approximately $18 million due on Saturday, September 30, 2023 (and payable on Monday, October 2, 2023, the next succeeding business day) under the senior secured second-lien notes due March 31, 2029 (the “2029 Notes”) pursuant to the terms of the indenture governing the 2029 Notes.
On October 2, 2023, the Company issued a press release announcing that Audacy Capital elected to utilize such grace period for the interest payment. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
As previously disclosed, the Company is actively engaged in discussions with holders of the Company’s indebtedness with respect to a number of potential alternatives regarding a restructuring of the Company’s outstanding indebtedness. At this time, no agreement has been reached regarding the Company’s indebtedness.
Forward-Looking Statements
This Current Report on Form 8-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon current expectations and involve certain risks and uncertainties, including statements about the restructuring of the Company, anticipated future financial or operational results, and the Company’s financial position. Additional information and key risks applicable to these statements are described in the Company’s reports on Forms 8-K, 10-Q and 10-K and other filings the Company makes with the SEC. All of the forward-looking statements in this Current Report on Form 8-K are qualified by these cautionary statements, and actual results or developments may differ materially from those in these forward-looking statements. The Company assumes no obligation to publicly update or revise any forward-looking statements.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit |
Title | |
| 99.1 | Press release issued by Audacy, Inc. on October 2, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Audacy, Inc. | ||
| By: | /s/ Andrew P. Sutor, IV | |
| Andrew P. Sutor, IV | ||
| Executive Vice President and Secretary | ||
Dated: October 2, 2023