iHeartCommunications14% noteholders release guarantors from guarantees

By Marisa Wong

Morgantown, W.Va., Jan. 12 – Holders of about $670 million of iHeartCommunications, Inc.’s 14% senior notes due 2021 released the guarantors from their guarantees of the notes, according to a press release.

Specifically, the guarantors under the indenture dated June 21, 2013 were released from all obligations, including payment obligations, for the notes held by the releasing holders.

According to a notice of release dated Jan. 12, these holders released the guarantors from their guarantees in order to improve the issuer’s financial condition, which in turn maximizes the holders’ recoveries from the issuer.

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

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