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”). The amendments will increase the consideration offered to holders of certain series of Existing Notes as set forth in the table below:
Original Offer – Consideration
For Every |
Amended Offer – Consideration
For Every |
|||||||||||
Title of Security | Mid Participation
Scenario |
Low Participation
Scenario |
Mid Participation
Scenario |
Low Participation
Scenario |
||||||||
9.0% Priority Guarantee Notes due 2019 | New 9.0% Senior Secured Notes due 2021 of iHeartCommunications |
New 9.0% Senior Secured Notes due 2021 of iHeartCommunications |
New 9.0% Senior Secured Notes due 2021 of iHeartCommunications |
New 9.0% Senior Secured Notes due 2021 of iHeartCommunications |
||||||||
9.0% Priority Guarantee Notes due 2021 | New 7.0% Senior Secured Notes due 2023 of iHeartCommunications |
New 7.0% Senior Secured Notes due 2023 of iHeartCommunications |
New 7.0% Senior Secured Notes due 2023 of iHeartCommunications |
New 7.0% Senior Secured Notes due 2023 of iHeartCommunications |
||||||||
11.25% Priority Guarantee Notes due 2021 | New 9.25% Senior Secured Notes due 2023 of iHeartCommunications |
New 9.25% Senior Secured Notes due 2023 of iHeartCommunications |
New 9.25% Senior Secured Notes due 2023 of iHeartCommunications |
New 9.25% Senior Secured Notes due 2023 of iHeartCommunications |
||||||||
9.0% Priority Guarantee Notes due 2022 | New 7.0% Senior Secured Notes due 2024 of iHeartCommunications |
New 7.0% Senior Secured Notes due 2024 of iHeartCommunications |
New 7.0% Senior Secured Notes due 2024 of iHeartCommunications |
New 7.0% Senior Secured Notes due 2024 of iHeartCommunications |
||||||||
10.625% Priority Guarantee Notes due 2023 | New 8.625% Senior Secured Notes due 2025 of iHeartCommunications |
New 8.625% Senior Secured Notes due 2025 of iHeartCommunications |
New 8.625% Senior Secured Notes due 2025 of iHeartCommunications |
New 8.625% Senior Secured Notes due 2025 of iHeartCommunications |
||||||||
Senior Notes due 2021 | New 7.0% Senior Secured Notes due 2023 of iHeartCommunications |
New 7.0% Senior Secured Notes due 2023 of iHeartCommunications |
Unchanged |
Unchanged |
As a result of the amendment to the Offers, the consideration being offered in the Mid Participation Scenario is the same as the consideration being offered in the Low Participation Scenario. The consideration being offered in the High Participation Scenario has not been amended. iHeartCommunications also expects to make certain other technical amendments that will be described in the Amended and Restated Offering Circular.
The Exchange Offers and Consent Solicitations, which are only available to holders of Existing Notes, will be made pursuant to the Amended and Restated Offering Circular, and are exempt from registration under the Securities Act of 1933 (the “Securities Act”).
The Exchange Offers with respect to the existing priority guarantee notes are being made, and the
Documents relating to the Exchange Offers and Consent Solicitations will only be distributed to holders of the Existing Notes that complete and return a letter of eligibility. Holders of Existing Notes that desire a copy of the letter of eligibility must contact
This press release is for informational purposes only and shall not constitute an offer to sell or exchange nor the solicitation of an offer to buy the
About
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on current iHeartCommunications management expectations. These forward-looking statements include all statements other than those made solely with respect to historical facts. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, whether or not iHeartCommunications will consummate the Exchange Offers, and if it does, the timing of the Exchange Offers. Many of the factors that will determine the outcome of the subject matter of this press release are beyond iHeartCommunications’ ability to control or predict. iHeartCommunications undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170413005406/en/
For further information:
Media
Executive Vice President – Communications
or
Investors
Vice President – Investor Relations
Source: iHeartCommunications, Inc.
4finance Holding Prices $325m Bond Issue and Achieves Successful Refinancing
Destination Maternity Reports Fourth Quarter And Fiscal 2016 Results
More Articles