More than seven months ago, iHeartMedia 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 after extension since April 5.
The latest extension came late Thursday evening, with none of iHeart’s original terms amended.
On March 15, subsidiary iHeartCommunications commenced the private offers. But, debt holders have been reluctant to participate, as they have shown nearly unanimous disagreement with iHeart on the deal.
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.
Then, As of 5pm Eastern on Sept. 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 Oct. 18, this had improved by just $500,000, to an aggregate amount of approximately $31.9 million of Existing Notes.
“The terms of the Exchange Offers and Consent Solicitations have not been amended and remain the same as set forth in the Amended and Restated Offering Circular and Consent Solicitation Statement, dated April 14, 2017,” iHeart reiterates.
Additionally, the terms of iHeart’s Term Loan Offers have not been amended and remain the same as set forth on March 15.
That may result in even more extensions of its private offers; the expiry date of today (10/20) at 5pm Eastern has been revised to 5pm Eastern on Nov. 10.
The “stub” of publicly traded iHeart stock spiked some 19% in Friday’s trading, rising to $1.70 as of 3:45pm Eastern.