iHeartCommunications Tries Again With Another Deadline Extension, Amendments To Debt Swap Proposals

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The original version didn't get a very positive response from lenders, so iHEARTCOMMUNICATIONS, INC., with its iHEARTMEDIA, INC. and CC OUTDOOR HOLDINGS, INC. subsidiaries, are amending the terms and again extending the deadline for one of its latest attempts to swap debt in two exchange offers. The new terms increase the consideration offered to holders of certain series of the companies' existing notes, although the exact terms were not disclosed.  

The deadline for the proposal to holders of certain series of iHEARTCOMMUNICATIONS’ existing notes to trade them for new securities along with a consent solicitation for consent to amend the indentures and security documents governing the existing notes, previously extended from TOMORROW (4/14) to the following FRIDAY (4/21), have been extended by another week and now will expire on FRIDAY, APRIL 28th at 5p (ET). As of close of business YESTERDAY (4/12), about $3.1 million of existing notes had been tendered under the exchange offers.

The other offer, involving a swap that proposes to convert Term Loan D and Term Loan E facilities to amended facilities or new loans and securities of the companies and/or the controversial BROADER MEDIA, LLC holding company has also had its deadline extended to APRIL 21st.

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