Le Lézard
Classified in: Covid-19 virus
Subject: Stock Sale/Buyback

iHeartMedia, Inc. Announces Voluntary Repurchase of All Series A Perpetual Preferred Stock

iHeartMedia, Inc. (NASDAQ:IHRT) announced today that its subsidiary, iHeart Operations, Inc., repurchased and cancelled all of its 60,000 outstanding shares of Series A Perpetual Preferred Stock, utilizing cash on hand.

"We are pleased to have voluntarily repurchased the full balance of our $60 million preferred stock, demonstrating our commitment to strengthening our balance sheet and increasing free cash flow, while still maintaining ample liquidity," said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. "Repurchasing early allows us to realize interest savings, exit the most restrictive instrument on our balance sheet, and continue to reinforce iHeart's commitment to improving our capital structure. This action continues to demonstrate our confidence in our business moving forward."

The cash repurchase price for each Series A Perpetual Preferred Stock is $1,000.00, plus a premium equal to the remaining dividends required to be paid through the optional redemption date of May 1, 2022 (the "Redemption Date") discounted at a negotiated rate. This results in an aggregate redemption amount of $64.35 million to be paid to the holders of the $60 million Series A Perpetual Preferred Stock.

About iHeartMedia, Inc.

iHeartMedia, Inc. [Nasdaq:IHRT] is the leading audio media company in America, reaching over 250 million people each month. It is number one in both broadcast and digital streaming radio as well as podcasting and audio ad tech, and includes three business segments: The iHeartMedia Multiplatform Group; the iHeartMedia Digital Audio Group; and the Audio and Media Services Group. Visit iHeartMedia.com for more company information.

Forward-Looking Statements

Certain statements herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases "guidance," "believe," "expect," "anticipate," "estimates," "forecast" and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances, such as statements about interest expense savings and increased free cash flows. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other important factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to: risks related weak or uncertain global economic conditions; the impact of the COVID-19 pandemic; impact of iHeartMedia's substantial indebtedness; impact of acquisitions, dispositions and other strategic transactions; and risks associated with iHeartMedia's emergence from the Chapter 11 Cases. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date hereof. Additional risks that could cause future results to differ from those expressed by any forward-looking statement are described in the Company's reports filed with the U.S. Securities and Exchange Commission, including in the section entitled "Item 1A. Risk Factors" of iHeartMedia, Inc.'s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

These press releases may also interest you

at 05:35
The "Sleep Disorders Treatment: Global Market Outlook" report has been added to ResearchAndMarkets.com's offering. The report provides an overview of the global sleep disorders treatment market and analyzes market trends. Using 2021 as the base...

at 05:30
The "Anti-Aging Products and Services: The Global Market" report has been added to ResearchAndMarkets.com's offering. The global market for anti-aging products and services was valued at $71.6 billion in 2021. The market is forecast to grow at a...

at 05:30
The "Global Point of Care Diagnostics Market with Focus on Asia-Pacific: Insights & Forecast with Potential Impact of COVID-19 (2023-2027)" report has been added to  ResearchAndMarkets.com's offering. The global point of care diagnostics market is...

at 05:30
The lead oxide market report has been published by Technavio. Market growth is estimated to accelerate at a CAGR of 7.81% and register an incremental growth of 1,022.97 thousand tons during the forecast period. Based on region, the global lead oxide...

at 05:20
When Alexia Parks won the first of six contracts to prepare and deliver 1-million meals to 350 sheltered homeless in Riverside County, CA, Parks knew that her bid was higher than that of a competing global food catering company. What the global...

at 05:20
The "Protein Engineering Market Size, Share & Trends Analysis Report By Product (Reagents, Instruments), By Protein Type (Insulin, Vaccines), By End-use (CROs, Pharma & Biotech Companies), By Technology, And Segment Forecasts, 2023 - 2030" report has...

News published on 27 october 2021 at 16:35 and distributed by: