ISDA: iHeart failure to pay credit event occurred; CDS auction ahead

By Wendy Van Sickle

Columbus, Ohio, Dec. 21 – The International Swaps and Derivatives Association, Inc. said its Americas Credit Derivatives Determinations Committee determined that a failure to pay credit event has occurred for iHeartCommunications, Inc.

The committee also decided that an auction will be held for iHeart’s outstanding credit default swap transactions.

ISDA said it will publish further information on the auction on its website, www.isda.org/credit, in due course.

As previously reported, iHeart decided to skip a repayment on Dec. 15 for $57.1 million of its 5˝% senior notes.

iHeartMedia, Inc., the ultimate parent company of iHeartCommunications, is a media and entertainment company based in San Antonio.

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