In return, the holders of the 2018 senior notes at 10% will receive priority guarantee notes at 11.25%. The new notes will mature on March 1, 2021 and iHeart will pay interest on the new notes March 1 and September 1 of each year. The first interest payment date on the new notes will be March 1, 2017. iHeart spokesperson Wendy Goldberg told Radio Ink, “The proposed exchange offer is part of our ongoing efforts to proactively address our capital structure and position the company for long-term growth and success.” Read the 8K filed Tuesday HERE.
Self immolation is such an ugly thing to watch.
Oh,sure. It’s exciting – in a pervy, debauched sorta way.
Today’s featured song is “Let’s kick the ol debt bucket further down the road!!” starring Bobby Pittman and his Iheart Empty Suits Ensemble! … Followed by their other hit, “We don’t need took make a profit! Because we’re re inventing radio!!”… But first, this 14 minute commercial break…