The latest extension of the deadline for participation in the private offers to lenders under iHeartMedia subsidiary iHeartCommunications’ Term Loan D and Term Loan E facilities to amend the existing loan terms came late Thursday, pushing into 2018 an offer that’s been on the table for nine months.
Investors reacted negatively in mid-afternoon trading on Friday, ahead of the Christmas Day holiday, sending iHeart shares down 34.2% as of 1pm Eastern.
This puts iHeart shares at just $0.362.
Trading volume was light at 2,289 shares; average volume for the “stub” of publicly traded iHeart shares is 8,110.
Meanwhile, Clear Channel Outdoor Holdings stock was down by 5.2%, to $4.60, as of 1:49pm Eastern.
Trading volume was also light for CCO shares, at 117,115; normal trading volume is 201,392.