Financial markets saw a slight dip on Wall Street Monday, as the Dow Jones Industrial Average slipped 19.04 points, to 20,052.42. The Nasdaq Composite was off 3.21, to 5,663.55.
Key movers include iHeartMedia, which sank 13 cents, to $1.07, after the company formally announced the Feb. 3 expiration of its private exchange offer to eligible holders of its outstanding 10% Senior Notes due 2018 for newly issued 11.25% Priority Guarantee Notes due 2021.
As of today, roughly $737.9 million in aggregate principal amount (or approximately 86.8%) of the notes due 2018 — including approximately $503.0 million in aggregate principal amount of those notes held by iHeartCommunications subsidiaries, had been validly tendered and not withdrawn in the Exchange Offer. The company expects to deliver the new notes on Tuesday (2/7). According to iHeart, it expects to issue approximately $476.4 million in aggregate principal amount of the new notes due 2021, including approximately $241.4 million in aggregate principal amount of new notes to its subsidiaries.
Meanwhile, the improvement in stock price continues for Spanish Broadcasting System, with a 9-cent jump to $1.47 seen for “SBSAA” shares. Twenty-First Century Fox dipped 34 cents, to $31.06, after the company said that its film revenue was off in fiscal Q2. Yet, Fox’s earnings beat the street.
The RBR Radio Index fell 4.429, or 0.74%, to 591.732.
The TVBR Television Index fell 4.089, or 0.41%, to 983.731.
SBS, up 6.5%
Beasley, up 4.8%
CBS, up 0.8%
iHeart, down 10.8%
Entravision, down 1.9%
Radio One, down 1.7%