iHeartMedia Rises After Completing $4.8b Bond Exchange

iHeartMedia rises as much as 16% on Monday following news that the media company has completed a previously announced exchange of $4.8 billion worth of senior secured notes, thereby extending the vast majority of its debt maturities by three years.

• Approximately $4.8 billion, or 92.2%, of the aggregate principal amount of the Existing Debt participated in the Exchange Offers, which expired at 9:00 a.m.,
• Consolidated annual net cash interest payments are expected to remain relatively flat; and the company has reduced its total debt by over $440 million, according to a statement

Statement: iHeartMedia Completes Comprehensive Exchange Transactions

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