Shareholders gave iHeartMedia a positive start to this week’s trading on Wall Street by seemingly approving of its second extension of a new private offer to holders of iHeart’s outstanding 10.0% Senior Notes due 2018. This offer would give bondholders the ability to exchange the 10% notes for newly issued 11.25% Priority Guarantee Notes due 2021, and it’s now been extended again – until Midnight E.T. on Friday, Feb. 3.
The top owner of AMs and FMs by station count on Monday entered into an exchange and support agreement with holders of approximately $103.8 million in aggregate principal amount (or approximately 12.2%) of the Outstanding Notes that have agreed to participate in the Exchange Offer.
At the closing bell, iHeart shares were up 7 cents, to $1.15.
In other activity involving media stocks, Townsquare Media improved 27 cents, to $10.44, while Salem Media Group grew by 30 cents, to $6.85. Cumulus Media was unchanged at 97 cents per share.
The RBR Radio Index rose 2.312, or 0.40%, to 579.061.
The TVBR Television Index fell 2.975, or 0.31%, to 946.525.
iHeart, up 6.5%
Salem, up 4.6%
Tribune Media, up 0.6%
Radio One, down 3.9%
Entercom, down 1.4%
Nexstar, down 1.4%