iHM Buys Time: Again Extends Debt Exchange Offer

San Antonio-based iHeartMedia Inc. on Thursday extended the deadline — for the third time — on a $14.6 billion distressed debt exchange offer after it attracted little interest from bondholders and lenders.

According to mysantonio.com, the debt-strapped company is trying to refinance about $8.3 billion in bonds and about $6 billion in loans. Only $30.9 million, or less than 1 percent, of the bonds has been exchanged since the offer was made March 15, iHeart said in a news release. The company didn’t say whether any of the loans have been renegotiated.

The radio and billboard giant said it extended the April 21 deadline to May 12 so it could “continue discussions” with the lenders and bondholders.

FitchRatings said in an April 25 report that iHeart will probably have to file for bankruptcy.

IHeartMedia employs roughly 19,500 workers and owns more than 850 radio stations in 150 U.S. markets. It also owns 90 percent of billboard giant Clear Channel Outdoor Holdings Inc. in San Antonio.