iHeartMedia Extends Its Debt Exchange Offer Deadline For The Sixth Time

Will The Sixth Time Be The Charm?

Just as the deadline for its most recent $14.6 billion distressed debt exchange offer was about to expire, yesterday (6/8), iHEARTMEDIA extended it for the sixth time -- until JUNE 23rd. Terms of the debt-exchange offer were not changed in the latest deadline extension. MY SANANTONIO.COM reports that the conglomerate has been negotiating with its large lenders and bondholders since its first offer was made on MARCH 15th.

At issue is the refinancing of about $8.3 billion in bonds and about $6 billion in loans. iHEARTMEDIA's offer calls for various discounts on the debt and extends maturities by two years  Debt coming due includes $316.5 million this year, $324.2 million in 2018 and $8.4 billion in 2019.

With $365 million in cash on hand as of MARCH 31st, the company warned in APRIL that it was a “going concern” that it might not last until next FEBRUARY.

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