On February 1, 2021, Medley LLC did not pay the approximately $1.3 million quarterly interest payment due on such date in respect of Medley LLC’s 7.25% senior notes due 2024 (the “2024 Notes”). The indentures governing the 2024 Notes afford Medley LLC the benefit of a 30-day grace period (through March 3, 2021) which must elapse before a missed interest payment may be treated as an event of default under the terms of the 2024 Notes. Approximately $69 million in aggregate principal amount of 2024 Notes are outstanding. A quarterly interest payment of approximately $0.9 million will be due on February 16, 2021 in respect of Medley LLC’s 6.875% senior notes due 2026 (the “2026 Notes”). Approximately $54 million in aggregate principal amount of 2026 Notes are outstanding. The 2024 Notes and 2026 Notes trade on the NYSE under the symbols MDLQ and MDLX, respectively.
Medley LLC continues to work with B. Riley Securities, Inc., whom Medley LLC has engaged as financial advisor as previously announced in Medley LLC’s press release issued on January 11, 2021, with regard to potential alternatives for Medley LLC’s capital structure, including potential alternatives to restructure Medley LLC’s indebtedness and other contractual obligations including the 2024 Notes and the 2026 Notes. There can be no assurance that these efforts will result in any particular outcome. The foregoing statements regarding potential alternatives for Medley LLC’s capital structure, indebtedness, contractual obligations, and the 2024 Notes and 2026 Notes and efforts by Medley LLC and its advisors in connection therewith represent forward-looking statements.