iHeart To Increase Debt Ceiling By $Half-Billion

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  • #23606
    Craig_Adams
    Participant

    This from All Access:

    iHeartCommunications Gets Consent From Noteholders To Increase Debt Ceiling By $500 Million

    iHEARTMEDIA, via iHEARTCOMMUNICATIONS, INC., has received consent from its noteholders to allow it to increase the amount of debt it can incur under its credit facilities by half-billion dollars. The approval via consent from holders of iHEARTCOMMUNICATIONS outstanding Senior Notes due 2021 amends Section 4.09(b)(1) of the notes’ indenture to increase the aggregate principal amount of indebtedness permitted to be incurred under the indenture by $500 million to $17,270,638,000.

    Noteholders who agreed to the change in a timely manner will receive a portion of an aggregate cash payment of $8.6 million as a “consent fee,” paid pro rata; Based on the consents received, consenting holders will get that fee in an amount equal to approximately $6.10 for each $1,000 principal amount of notes for which the holders validly consented to the increase.

    #23679
    Chico
    Participant

    Old saying is still true.

    “When you owe the bank $50,000, the bank owns you. But when you owe the bank $5 Billion, you own the bank.”

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