secwatch.observer — SEC 8-K summary
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Issuer:     AUDACY, INC. (—)
CIK:        0001067837
Form:       8-K
Filed at:   2024-10-01T23:59:59+00:00
Accession:  0001193125-24-229306
Event type: other_material
Sentiment:  positive
Materiality: 1.00
Item codes: 1.01, 1.02, 1.03, 2.03, 3.02, 3.03, 5.01, 5.02, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Audacy emerges from Chapter 11, equitizes $1.6B debt, and plans to go private
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- Equitized approximately $1.6B of funded debt, reducing total debt from ~$1.9B to $350M (80% reduction).
- New exit credit facility of $250M (first-out $25M, second-out $225M) plus $100M receivables facility secured.
- Old equity cancelled; issued 8.28M Class A shares, 914k Class B shares, 2.12M second lien warrants, and 807k special warrants.
- New board of seven directors appointed, including CEO David J. Field; prior board resigned.
- Company plans to suspend SEC reporting and become a private company.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1067837/000119312524229306/0001193125-24-229306-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1067837/000119312524229306/d753507d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-229306

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