Exchange Offer Extended To Monday By iHeart


On Dec. 20, 2016, iHeartMedia commenced 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.

The exchange offer was scheduled to expire last Thursday (1/19), at Midnight Eastern.

Now, iHeart has extended this offer — until 5 p.m. Eastern Monday (1/23).

No explanation was given. However, the inauguration of President Donald Trump may have played a factor.

The new notes will be issued as “additional notes” under the indenture governing iHeart’s existing 11.25% Priority Guarantee Notes due 2021 that were issued on Feb. 28, 2013, and will be treated as a single class with the existing notes. However, the new notes will not trade fungibly with the Existing Notes. On Dec. 12 iHeart failed to receive consent solicitations with respect to its proposal that have seen the Aggregate Fixed Consideration Amount for those notes shift to a higher Aggregate Contingent Consideration Amount (from $575,000 to $862,500).

As of midnight Jan. 19, 2017, approximately $625.2 million in aggregate principal amount (or approximately 73.6%) of the Outstanding Notes, including approximately $503 million aggregate principal amount of outstanding notes held by iHeart subsidiaries, had been validly tendered and not withdrawn in the exchange offer.