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  • No Takers Yet, So iHeartMedia Extends Exchange Offer Deadlines

    April 7, 2017 at 6:00 AM (PT)
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    iHEARTCOMMUNICATIONS, INC., iHEARTMEDIA, INC., and CC OUTDOOR HOLDINGS, INC. have extended the deadlines for its latest attempts to swap debt in two exchange offers. The expiration of the offers, originally set for FRIDAY, APRIL 14th, is now set at FRIDAY, APRIL 21st.  The offers proposed in one version to give lenders under the Company’s Term Loan D and Term Loan E facilities amended terms and/or a swap for new term loans and securities of the company and iHEARTMEDIA, INC., CC OUTDOOR HOLDINGS, INC. (the newly-formed 89.9% owner of CLEAR CHANNEL OUTDOOR HOLDINGS, INC.), and/or the controversial BROADER MEDIA, LLC holding company; terms depend on participation levels.

    The other proposal offers to trade holders of certain series of iHEARTCOMMUNICATIONS’ existing notes new securities along with a consent solicitation for consent to amend the indentures and security documents governing the existing notes. As of 5p (ET) WEDNESDAY, APRIL 4th, not a single existing note had been tendered under the offers.

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