The nation’s top radio station company by number of stations –iHeartMedia’s iHeartCommunications — on Tuesday (Oct. 4) confirmed that it has obtained the approval of its bondholders to obtain the right to extend its outstanding debt by a half-billion dollars.
To accomplish this task, the company has agreed to pay a $8.6 million consent fee to the bondholders.
The company’s plan to gain the ability to extend its debt was first presented to bondholders on Sept. 27. Specifically, holders of iHeart’s outstanding Senior Notes due 2021 approved a proposed amendment that would increase the aggregate principal amount of indebtedness under iHeart’s credit facilities to exactly $17,270,638,000 — should iHeart elect to do so.
The Company received consents from holders of $1,410,114,917 in aggregate principal amount of the notes, representing a majority of the bondholders.
Based on the consents received, the consent fee will be allocated to the consenting holders in an amount equal to approximately $6.10 for each $1,000 principal amount of notes for which consents were validly delivered.
Shares of IHRT closed Tuesday at $1.50 per share.