iHeartCommunications, Inc. Announces Amendment And Extension Of Private Offers To Holders Of Its Five Series Of Priority Guarantee Notes And Its Senior Notes Due 2021 To Exchange Such Notes For New Securities
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San Antonio, TX, April 13, 2017 - iHeartCommunications, Inc. (“iHeartCommunications”), together with iHeartMedia, Inc. (“iHeartMedia”) and CC Outdoor Holdings, Inc. (“CCO Holdings” and collectively with iHeartCommunications and iHeartMedia, the “Issuers”), today announced that it is amending and extending the private offers (the “Exchange Offers”) to holders of certain series of iHeartCommunications’ outstanding debt securities (the “Existing Notes”) to exchange the Existing Notes for new securities of the Issuers (the “New Securities”), and the related solicitation of consents (the “Consent Solicitations” and, together with the Exchange Offers, the “Offers”) from holders of Existing Notes to certain amendments to the indentures and security documents governing the Existing Notes. As described below, the Exchange Offers have been amended to increase the consideration offered to holders of certain series of Existing Notes. The Exchange Offers and Consent Solicitations were previously scheduled to expire on April 21, 2017, at 5:00 p.m., New York City time, and will now expire on April 28, 2017, at 5:00 p.m., New York City time. As of 5:00 p.m., New York City time, on April 12, 2017, approximately $3.1 million of Existing Notes had been tendered into the Exchange Offers. iHeartCommunications’ concurrent private offers to lenders under its Term Loan D and Term Loan E facilities have also been amended and will now expire on April 21, 2017, at 5:00 p.m., New York City time.
The amendments and extensions to the Exchange Offers will be set forth in an Amended and Restated Offering Circular and Consent Solicitation Statement (as amended or supplemented from time to time, the “Amended and Restated Offering Circular”).
About iHeartMedia, Inc./iHeartCommunications, Inc.
iHeartMedia, Inc (PINK: IHRT), the parent company of iHeartCommunications, Inc., is one of the leading global media and entertainment companies. The company specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local communities, and uses its unparalleled national reach to target both nationally and locally on behalf of its advertising partners. The company is dedicated to using the latest technology solutions to transform the company’s products and services for the benefit of its consumers, communities, partners and advertisers, and its outdoor business reaches over 35 countries across five continents, connecting people to brands using innovative new technology.
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc., (NYSE: CCO) is one of the world’s largest outdoor advertising companies, with more than 650,000 displays in over 35 countries across five continents, including 43 of the 50 largest markets in the United States. Clear Channel Outdoor Holdings offers many types of displays across its global platform to meet the advertising needs of its customers. This includes a growing digital platform that now offers over 1,050 digital billboards across 29 U.S. markets. Clear Channel Outdoor Holdings’ International segment operates in 22 countries across Asia, Australia and Europe in a wide variety of formats.