iHeartMedia Stock Spikes 43%

IHRT Has A Big Day

While iHEARTMEDIA is a privately held company, with BAIN CAPITAL and THOMAS H. LEE PARTNERS having bought what was CLEAR CHANNEL in 2008, there's still some stock that trades over the counter as "IHRT." That stock seemed to react positively to WEDNESDAY's (NET NEWS 3/15) two proposed debt swaps. 

There was a flurry of activity on IHRT, with volume that is normally 2,000 to 3,000 shares a day topping 480,000 shares YESTERDAY (3/16). The stock rose 43.36%, up 62 cents to a close of $2.05 after opening at $1.40. During trading, the stock got as high as $2.39.

Was this a reaction to iHEART's proposal where the company is offering lenders under the Company’s Term Loan D and Term Loan E facilities amended terms and/or a swap for new term loans and securities of the company and iHEARTMEDIA, INC., CC OUTDOOR HOLDINGS, INC. (the newly-formed 89.9% owner of CLEAR CHANNEL OUTDOOR HOLDINGS, INC.), and/or the controversial BROADER MEDIA, LLC holding company? Time will tell.

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