茄子污污视频, Inc. Announces Decision Regarding Its 5.50% Senior Notes Due 2016
SAN ANTONIO, Texas - December 13, 2016 鈥 茄子污污视频, Inc. (PINK: IHRT) today announced a decision to not repay the $57.1 million of the 5.50% Senior Notes due December 15, 2016 (鈥2016 Legacy Notes鈥) held by affiliate Clear Channel Holdings, Inc. ("CCH") when the notes mature on December 15, 2016. The decision, made by a Special Committee of independent directors, is part of the Company鈥檚 ongoing efforts to proactively address its capital structure, while maximizing the value of its assets.
While the $192.9 million of 2016 Legacy Notes held by other holders will be paid in full at maturity, the $57.1 million balance held by affiliate CCH will remain outstanding. Because the 2016 Legacy Notes owned by CCH will continue to remain outstanding, the Company will continue to have at least $500 million of legacy notes outstanding on December 15, 2016 and will therefore not be obligated to grant certain additional security interests in favor of certain of its debtholders under a so-called 鈥渟pringing lien鈥 set forth in relevant debt agreements.