IHeartMedia Bonds at Record as Firm Talks Sale to Sirius XM (1)

Some iHeartMedia bonds hit record highs Monday morning, after Bloomberg reported that the company is holding talks about a possible sale to Sirius XM.

• Its 7.75% note due 2030 surged 9 cents to 96 cents as of 10:45 am in New York, according to Trace
  • The bond’s covenants feature a change of control that would trigger early repayment of the bonds at 101 cents on the dollar if the company’s controlling shareholder changes
• Company’s 10.875% bond due 2030 rose 4.25 cents to 95.25 cents, after closing 11.6 cents higher on Friday
  • This note doesn’t have a change of control covenant ...