iHeartCommunications Files Notice Of $1 Billion In Debt Exchanges
December 17, 2014 at 5:28 AM (PT)
iHEARTCOMMUNICATIONS has filed a notice of $1 billion worth of debt exchanges with the SECURITIES AND EXCHANGE COMMISSION.
In an S-4 filing, the company writes, "We are offering to exchange up to $1,000,000,000 aggregate principal amount of our new 9.0% Priority Guarantee Notes due 2022, which will be registered under the Securities Act of 1933, as amended, for up to $1,000,000,000 aggregate principal amount of our outstanding 9.0% Priority Guarantee Notes due 2022, of which we issued $750,000,000 on SEPTEMBER 10, 2014 and $250,000,000 on SEPTEMBER 29, 2014."
The filing reveals:
- The company has $20.5 billion in debt, as of the end of the latest quarter.
- iHEART also reports that the company is running a 28% -- down from 29% -- operating margin at the division that includes radio
- Both radio and outdoor as “low capital intensity businesses.”
Read the full filing here.