iHeartCommunications Asks Noteholders To Let It Increase Debt Ceiling By $500 Million
September 27, 2016 at 2:42 PM (PT)
iHEARTMEDIA, via iHEARTCOMMUNICATIONS, INC., is asking its noteholders to allow it to increase the amount of debt it can incur under its credit facilities by half-billion dollars. The consent solicitation seeking the consent of holders of iHEARTCOMMUNICATIONS outstanding Senior Notes due 2021 would amend Section 4.09(b)(1) of the notes' indenture to increase the aggregate principal amount of indebtedness permitted to be incurred under the indenture by $500 million to $17,270,638,000.
The consent solicitation expires on OCTOBER 3rd; any noteholders agreeing to the change in a timely manner will receive a portion of an aggregate cash payment of $8.6 million as a "consent fee," paid pro rata, assuming a majority of noteholders consent to the change. MOELIS AND CO. LLC is the solicitation agent, with GLOBAL BONDHOLDER SERVICES CORP. acting as the tabulation agent and information agent.