Saturday, January 21, 2017
iHM Extends Deadline For Bondholders
According to The News-Express, iHeartMedia is offering a premium on the new bonds in an effort to delay final payment on roughly $10 billion in debt that matures by the end of 2019.
The offer previously had been set to expire Thursday night and will now expire at 4 p.m. Monday, Texas time, unless further extended by subsidiary iHeartCommunications.
As of the end of Jan. 19, about $625.2 million in principal amount or approximately 73.6 percent, of the notes, including about $503 million held by iHeartMedia subsidiaries, has been offered up for exchange.
The radio and billboard giant is struggling to repay its more than $20 billion in outstanding debt, most of which stems from its 2008 leveraged buyout by two Boston-based private equity firms.
Posted 5:52:00 AM