Yet Another Extension Comes On iHeart Offers

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On March 15, iHeartCommunications commenced private offers to eligible lenders under its Term Loan D and Term Loan E facilities to amend the existing term loans and exchange them for new securities of iHeartMedia and CC Outdoor Holdings and/or iHeart Communications.


Just after 9pm Eastern on April 5, the company said the term loan offers would expire at 5pm Eastern on April 14, allowing for a one-week extension.

At the same time, iHeart extended to April 21 the private offers to holders of certain series of iHeartCommunications’ outstanding debt securities to exchange the existing notes for new securities of CC Outdoor Holdings, iHeartCommuncations, and iHeartMedia.

On Thursday (4/13), a second extension was given.

Then came 9 more extensions … with no significant progress seen.

Now comes another extension, to 5pm Eastern on Sept. 29, 2017.

The deadline extension is officially being done “to continue discussions with lenders regarding the terms of the Term Loan Offers.”

But, the terms of the Term Loan Offers have not been amended and remain the same as set forth in mid-March.

As of 5pm Eastern on Aug. 16, an aggregate amount of approximately $45.5 million of Existing Notes — representing approximately 0.6% of outstanding Existing Notes — had been tendered into the Exchange Offers.

That paltry percentage hadn’t budged for weeks, and it looks like little movement has been seen since.

The “stub” of iHeart shares publicly traded on Wall Street’s riskiest marketplace, the OTC Pink Sheet, was up 13.3% to $1.53 just after 1pm Eastern on Friday (9/8).

 


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