The publicly traded “stub” of iHeartMedia shares took a beating on Wall Street today, sliding to 60 cents in midday trading before settling with a 6.6% dip, to 85 cents.
Why the sharp drop for iHeart? Late Wednesday, just before the Thanksgiving Day holiday, it extended — yet again — the deadline for participation in its Term Loan Offers, to 5pm Eastern on Dec. 8.
The terms of the Term Loan Offers have not been amended and remain the same as set forth on March 15. Thus, a seemingly never-ending extension cycle could continue for iHeart. The Exchange Offers and Consent Solicitations are also being extended to Dec. 8, at 5pm Eastern.
Terms of the Exchange Offers and Consent Solicitations are also the same as they were on April 14.
This explains why of Nov. 22 at 3pm Eastern, an aggregate amount of approximately $30.3 million of Existing Notes, representing approximately 0.4% of outstanding Existing Notes, had been tendered into the Exchange Offers.
ENTERCOM GOES EX-DIVIDEND
Entercom Communications saw its stock go ex-dividend today with a gain of 9 cents, to $12.
That is just 30 cents of the recent Oct. 2 high seen by Entercom shares, and a sign that Entercom could be on its way back to its pre-May value.
CUMULUS MEDIA SHARES STABLE
After a sharp dip in its share value on its debut day on the OTCQX exchange, after being booted from Nasdaq, Cumulus Media shares finished at 17 cents.
For long-term investors who agreed to the 1-for-8 reverse stock split one year ago, their shares would have been worth 2.13 cents had the split not taken place.