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iHeartMedia, Inc. Announces Voluntary Repurchase of All Series A Perpetual Preferred Stock
NEW YORK--(BUSINESS WIRE)-- iHeartMedia, Inc. (NASDAQ:IHRT) announced today that its subsidiary, iHeart Operations, Inc., repurchased and cancelled all of
About this update from Iheartmedia, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\niHeartMedia, Inc. (NASDAQ:IHRT) announced today that its subsidiary, iHeart Operations, Inc., repurchased and cancelled all of its 60,000 outstanding shares of Series A Perpetual Preferred Stock, utilizing cash on hand.\n\n“We are pleased to have voluntarily repurchased the full balance of our $60 million preferred stock, demonstrating our commitment to strengthening our balance sheet and increasing free cash flow, while still maintaining ample liquidity,” said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. “Repurchasing early allows us to realize interest savings, exit the most restrictive instrument on our balance sheet, and continue to reinforce iHeart's commitment to improving our capital structure. This action continues to demonstrate our confidence in our business moving forward.”\n\nThe cash repurchase price for each Series A Perpetual Preferred Stock is $1,000.00, plus a premium equal to the remaining dividends required to be paid through the optional redemption date of May 1, 2022 (the “Redemption Date”) discounted at a negotiated rate. This results in an aggregate redemption amount of $64.35 million to be paid to the holders of the $60 million Series A Perpetual Preferred Stock.\n\nAbout iHeartMedia, Inc.\n\niHeartMedia, Inc. [Nasdaq:IHRT] is the leading audio media company in America, reaching over 250 million people each month. It is number one in both broadcast and digital streaming radio as well as podcasting and audio ad tech, and includes three business segments: The iHeartMedia Multiplatform Group; the iHeartMedia Digital Audio Group; and the Audio and Media Services Group. Visit iHeartMedia.com for more company information.\n\nForward-Looking Statements\n\nCertain statements herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to ...