iHeartMedia has announced it has completed its previously announced debt extension agreements that will see the company extend the majority of its debt maturities by three years from 2026 to 2029 and reduce the total debt by over $440 million.
The company’s debt holders were given the opportunity in November to swap their existing debt for new debt at a higher interest with 92.2% of the holders participating. The average interest rate for all the swaps was 2.5%.
A company statement said, “This successful restructuring represents a significant step forward in our ongoing efforts to optimize our capital structure and extend our financial flexibility.”
This story first appeared on radioinsight.com