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San Antonio, TX, April 13, 2017 - iHeartCommunications, Inc. (“iHeartCommunications”) today announced that it is amending and extending the private offers (the “Term Loan Offers”) to lenders under the Company’s Term Loan D and Term Loan E facilities (“Existing Term Loans”) to amend the Existing Term Loans. As described below, the Term Loan Offers have been amended to increase the ratio of amended term loans to Existing Term Loans. The Term Loan Offers were previously scheduled to expire on April 14, 2017, at 5:00 p.m., New York City time, and will now expire on April 21, 2017, at 5:00 p.m., New York City time.
The amendments and extensions to the Term Loan Offers will be set forth in a Supplement No. 4 to the Confidential Information Memorandum dated April 13, 2017 (as amended or supplemented from time to time, the “Confidential Information Memorandum”).
As a result of the amendment to the Term Loan Offers, the consideration being offered in the Mid Participation Scenario is the same as the consideration being offered in the Low Participation Scenario. The consideration being offered in the High Participation Scenario or the Term Loans Only Scenario has not been amended. iHeartCommunications also expects to make certain other technical amendments that will be described in Supplement No. 4 to the Confidential Information Memorandum.