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iHeartMedia Announces Early Results and Modification of the Terms of the Offers and Consent Solicitations for Existing Notes and Term Loans
NEW YORK--(BUSINESS WIRE)-- iHeartMedia, Inc. (NASDAQ: IHRT) (“iHeartMedia”, the “Company” or “we”) today announced that, as of 5:00 p.m., New York City
About this update from Iheartmedia, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\niHeartMedia, Inc. (NASDAQ: IHRT) (“iHeartMedia”, the “Company” or “we”) today announced that, as of 5:00 p.m., New York City time, on November 29, 2024, $750,585,122 aggregate principal amount (93.8%) of iHeartCommunications, Inc.’s (“Communications”) outstanding 6.375% Senior Secured Notes due 2026 (the “Existing 2026 Secured Notes”), $743,023,000 aggregate principal amount (99.1%) of Communications’ outstanding 5.25% Senior Secured Notes due 2027 (the “Existing 2027 Secured Notes”), $221,587,000 aggregate principal amount (44.3%) of Communications’ outstanding 4.75% Senior Secured Notes due 2028 (the “Existing 2028 Secured Notes” and, together with the Existing 2026 Secured Notes and Existing 2027 Secured Notes, the “Existing Secured Notes”) and $843,734,539 aggregate principal amount (92.1%) of Communications’ outstanding 8.375% Senior Notes due 2027 (the “Existing Unsecured Notes” and, together with the Existing Secured Notes, the “Existing Notes”) had tendered and delivered consents in the previously announced exchange offers (the “Notes Exchange Offers”) for the Existing Notes and concurrent consent solicitations (the “Notes Consent Solicitations”) to amend certain provisions in the indentures governing the Existing Notes pursuant to the terms and conditions described in the Confidential Offering Memorandum and Consent Solicitation Statement, dated November 15, 2024 (the “Offering Memorandum”), and that $2,254,656,962 aggregate principal amount (99.5%) of Communications’ outstanding term loans (the “Existing Term Loans” and, together with the Existing Notes, the “Existing Debt”) had agreed to participate and delivered consents in the previously announced exchange offer (the “Term Loan Exchange” and, together with the Notes Exchange Offers, the “Offers”) for the Existing Term Loans and consent solicitation (the “Term Loan Consent Solicitation” and, together with the Notes Consent Solicitations, the “Consent Solicitations”) to amend certain provisions in the credit agreement governing the Existing Term Loans (the “Existing Term Loan Credit Agreement”) in connection with the Term Loan Exchange, representing a total participation of $4,813,586,623 aggregate principal amount (92.0%) of the Existing Debt in the Offers as of such time (the “Early Tender/Participation Debt”).\n\n\nAmendments to the Of...