Radio names take focus on earnings watch; Cumulus softens; iHeart steady; Audacy lower

By Cristal Cody

Tupelo, Miss., Feb. 26 – Some distressed radio names are expected to be in focus this week with earnings reports on the calendar.

Cumulus Media Inc.’s bonds softened in front of the company’s earnings release scheduled for Tuesday.

Cumulus Media New Holdings Inc.’s 6¾% senior secured first-lien notes due 2026 (Caa1/B) were thinly traded at 60¾ bid, down about 2¼ points to 3 points from where the issue last traded on Thursday, according to a market source.

iHeartCommunications, Inc.’s notes were steady ahead of the company’s earnings release later in the week.

The 5¼% senior secured notes due 2027 (Caa1/B+) went out mostly unchanged at the 72½ bid area on over $6 million of volume, a source said.

Parent iHeartMedia, Inc. is expected to post earnings losses for fiscal 2023, B. Riley Securities analyst Daniel Day said in a note released on Monday to Prospect News.

The space saw one default in January from Audacy Inc., which filed for Chapter 11 after missing interest payments across both institutional loan and high-yield debt in late 2023.

Audacy’s 6¾% senior secured second-lien global notes due 2029 (Caa3/C) were quiet on Monday and have been treading water on a 3 bid handle, a source said.

© 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.