Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Tenders > Headlines for 2021 > News item |
iHeartMedia unit repurchases all $60 million series A preferreds
By Wendy Van Sickle
Columbus, Ohio, Oct. 27 – iHeartMedia, Inc. said its subsidiary, iHeart Operations, Inc., repurchased and canceled all of its 60,000 outstanding shares of series A perpetual preferred stock, using 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,” Bob Pittman, chairman and chief executive officer of iHeartMedia, Inc., said in a news release.
“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 preferred share was $1,000, plus a premium equal to the remaining dividends required to be paid through the optional redemption date of May 1, 2022 discounted at a negotiated rate, resulting in an aggregate redemption amount of $64.35 million.
iHeartMedia is media and entertainment company based in San Antonio.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.