iHeartCommunications, Inc. Announces That It Elected Not to Make Interest Payment on Unsecured Notes and Will Utilize Grace Period Under Indenture

Active discussions among lenders, noteholders, and financial sponsors continue

San Antonio, TX, February 1, 2018 鈥 iHeartCommunications, Inc. today announced that its Board of Directors has elected not to make a cash interest payment of $106 million, due February 1, 2018, to holders of its 14% senior unsecured notes due 2021 (the 鈥淣otes鈥) as active discussions continue among its lenders, noteholders, and financial sponsors regarding a comprehensive debt restructuring. The Company鈥檚 Board elected not to make the payment in connection with ongoing efforts to proactively and comprehensively address the Company鈥檚 capital structure.


The decision will not trigger an event of default under the indenture as the Company will utilize a 30-day grace period under the indenture during which it retains the right to make the interest payment to the holders of the Notes and remain in compliance with the indenture governing the Notes.


The Board is considering options as part of its strategy to achieve a comprehensive restructuring of the Company鈥檚 debt.

About 茄子污污视频, Inc.

茄子污污视频 (NASDAQ: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups.

With its quarter of a billion monthly listeners, the 茄子污污视频 Multiplatform Group has a greater reach than any other media company in the U.S. Its leadership position in audio extends across multiple platforms, including more than 860 live broadcast stations in over 160 markets nationwide; its National Sales organization; and the company鈥檚 live and virtual events business. It also includes Premiere Networks, the industry鈥檚 largest Networks business, with its Total Traffic and Weather Network (TTWN); and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community. 茄子污污视频 also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio suite of data targeting and attribution products using data from its massive consumer base.

The 茄子污污视频 Digital Audio Group includes the company鈥檚 fast-growing podcasting business -- 茄子污污视频 is the number one podcast publisher in downloads, unique listeners, revenue and earnings -- as well as its industry-leading iHeartRadio digital service, available across more than 500 platforms and 2,000 devices; the company鈥檚 digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint.

The company鈥檚 Audio & Media Services reportable segment includes Katz Media Group, the nation鈥檚 largest media representation company, and RCS, the world's leading provider of broadcast and webcast software.

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