Once Again, iHeartCommunications Extends Deadline For Its Debt Swap Proposals

Another Extension

iHEARTCOMMUNICATIONS has once again extended the deadline for its creditors to swap existing term loans for new term loans and securities and to agree to amendments to its term loans D and E, this time to DECEMBER 22nd, as talks continue to address iHEART's looming debt.

The company's offers have not been further amended and remain the same as they were in the MARCH 15th memo and five supplements.  One proposal offers Term Loan D and Term Loan E holders 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.  

The other proposal offers some existing iHEARTCOMMUNICATIONS note holders new securities along with a consent solicitation for consent to amend the indentures and security documents governing the existing notes.  The deadlines have been extended several times as creditors have proven resistant to the terms being offered by iHEART.

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