Once Again, iHeart Extends Private Term Loan Offers


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.

The nation’s No. 1 radio broadcasting company has had no luck with the exchange offers, offering extension since April 5.

Another extension was announced late Thursday (9/28).

The Exchange Offers and Consent Solicitations were scheduled to expire today (9/29) at 5pm Eastern, the latest in a lengthy series of extensions.

They will now expire at 5pm Eastern on Oct. 20 — or could get yet a 12th extension.

That’s likely: As of 5pm Eastern Wednesday (9/27), an aggregate amount of approximately $31.4 million of Existing Notes, representing approximately 0.4% of outstanding existing notes, had been tendered into the exchange offers.

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.

Thus, there are now fewer takers after weeks of non-movement.

Another sign that a 12th extension may come in October is the state of the terms of the Exchange Offers and Consent Solicitations: They’ve not been amended and remain the same as set forth on April 14. The terms of the Term Loan Offers have not been amended and remain the same as set forth on March 15.

This 11th deadline extension is officially being done “to continue discussions with lenders regarding the terms of the Term Loan Offers.”

Just before 3pm Eastern Friday (9/29), iHeart’s “stub” of publicly traded shares on the OTC Pink exchange were unchanged at $1.31.

For a complete look at today’s activity for media stocks, please visit our Wall Street Report at RBR.com’s homepage. It’s continuously updated throughout each trading day, and offers the final prices right after the Closing Bell.

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Adam R Jacobson is a veteran radio industry journalist and advertising industry analyst with general, multicultural and Hispanic market expertise. From 1996 to 2006 he served as an editor at Radio & Records.