UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 6, 2017
IHEARTCOMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
Texas | 001-09645 | 74-1787539 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
200 East Basse Road, Suite 100
San Antonio, Texas 78209
(Address of principal executive offices)
Registrants telephone number, including area code: (210) 822-2828
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ | Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
On July 6, 2017, iHeartCommunications, Inc. (the Company) issued a press release announcing that it has extended the expiration time and withdrawal deadline in the previously announced exchange offers (the Notes Exchange Offers) that were launched on March 15, 2017 to exchange certain series of its outstanding debt securities (the Existing Notes) for new securities of the Company, iHeartMedia, Inc. and CC Outdoor Holdings, Inc. and concurrent consent solicitations with respect to the terms of the Existing Notes.
On July 6, 2017, the Company also issued a press release announcing that it has extended the deadline for participation in the previously announced offers (the Term Loan Offers) that were launched on March 15, 2017 to amend its outstanding Term Loan D and Term Loan E borrowings under its senior secured credit facility.
A copy of the press release announcing the extension of the Notes Exchange Offers is attached hereto as Exhibit 99.1 and is incorporated in this Item 8.01 by reference.
A copy of the press release announcing the extension of the Term Loan Offers is attached hereto as Exhibit 99.2 and is incorporated in this Item 8.01 by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following documents are furnished herewith:
Exhibit No. |
Description | |
99.1 | Press Release issued by iHeartCommunications, Inc., dated July 6, 2017, announcing the extension of the Notes Exchange Offers. | |
99.2 | Press Release issued by iHeartCommunications, Inc., dated July 6, 2017, announcing the extension of the Term Loan Offers. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IHEARTCOMMUNICATIONS, INC. | ||||||
Date: July 6, 2017 | By: | /s/ Lauren E. Dean | ||||
Lauren E. Dean | ||||||
Vice President, Associate General Counsel and Assistant Secretary |
EXHIBIT INDEX
Exhibit No. |
Description | |
99.1 | Press Release issued by iHeartCommunications, Inc., dated July 6, 2017, announcing the extension of the Notes Exchange Offers. | |
99.2 | Press Release issued by iHeartCommunications, Inc., dated July 6, 2017, announcing the extension of the Term Loan Offers. |
Exhibit 99.1
FOR IMMEDIATE RELEASE | PRESS RELEASE |
IHEARTCOMMUNICATIONS, INC. ANNOUNCES EXTENSION OF PRIVATE OFFERS TO
HOLDERS OF ITS FIVE SERIES OF PRIORITY GUARANTEE NOTES
AND ITS SENIOR NOTES DUE 2021
TO EXCHANGE SUCH NOTES FOR NEW SECURITIES
San Antonio, TX, July 6, 2017. iHeartCommunications, Inc. (iHeartCommunications) today announced that it is extending the private offers (the Exchange Offers) to holders of certain series of iHeartCommunications outstanding debt securities (the Existing Notes) to exchange the Existing Notes for new securities (the New Securities) of iHeartMedia, Inc., CC Outdoor Holdings, Inc. and iHeartCommunications, and the related solicitation of consents (the Consent Solicitations) from holders of Existing Notes to certain amendments to the indentures and security documents governing the Existing Notes.
The Exchange Offers and Consent Solicitations were previously scheduled to expire on July 7, 2017, at 5:00 p.m., New York City time, and will now expire on July 21, 2017, at 5:00 p.m., New York City time. The deadline to withdraw tendered Existing Notes in the Exchange Offers and revoke consents in the Consent Solicitations has also been extended to 5:00 p.m., New York City time, on July 21, 2017. iHeartCommunications is extending the Exchange Offers and Consent Solicitations to continue discussions with holders of Existing Notes regarding the terms of the Exchange Offers and to continue discussions with lenders under its Term Loan D and Term Loan E facilities in connection with the concurrent private offers made to such lenders, which iHeartCommunications announced today will now expire at 5:00 p.m., New York City time, on July 21, 2017.
As of 5:00 p.m., New York City time, on July 5, 2017, an aggregate amount of approximately $45.5 million of Existing Notes, representing approximately 0.6% of outstanding Existing Notes, had been tendered into the Exchange Offers.
The terms of the Exchange Offers and Consent Solicitations have not been amended and remain the same as set forth in the Amended and Restated Offering Circular and Consent Solicitation Statement, dated April 14, 2017, as supplemented by Supplement No. 1 (the Offering Circular).
The Exchange Offers and Consent Solicitations, which are only available to holders of Existing Notes, are being made pursuant to the Offering Circular, and are exempt from registration under the Securities Act of 1933 (the Securities Act). The New Securities, including the new debt of iHeartCommunications and related guarantees, will be offered only in reliance on exemptions from registration under the Securities Act. The New Securities have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
Documents relating to the Exchange Offers and Consent Solicitations will only be distributed to holders of the Existing Notes that complete and return a letter of eligibility. Holders of Existing Notes that desire a copy of the letter of eligibility must contact Global Bondholder Services Corporation, the exchange agent and information agent for the Exchange Offers and Consent Solicitations, by calling toll-free (866) 470-3700 or at (212) 430-3774 (banks and brokerage firms) or visit the following website to complete and deliver the letter of eligibility in electronic form: http://gbsc-usa.com/eligibility/ihc-bondoffers.
This press release is for informational purposes only and shall not constitute an offer to sell or exchange nor the solicitation of an offer to buy the New Securities or any other securities. The Exchange Offers and Consent Solicitations are not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful. Any offers of the New Securities will be made only by means of the Offering Circular.
About iHeartMedia, Inc./iHeartCommunications, Inc.
iHeartMedia, Inc. (PINK: IHRT), the parent company of iHeartCommunications, Inc., is one of the leading global media and entertainment companies. The company specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local communities, and uses its unparalleled national reach to target both nationally and locally on behalf of its advertising partners. The company is dedicated to using the latest technology solutions to transform the companys products and services for the benefit of its consumers, communities, partners and advertisers, and its outdoor business reaches over 35 countries across five continents, connecting people to brands using innovative new technology.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on current iHeartCommunications management expectations. These forward-looking statements include all statements other than those made solely with respect to historical facts. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, whether or not iHeartCommunications will consummate the Exchange Offers and Consent Solicitations, and if it does, the timing of the Exchange Offers and Consent Solicitations. Many of the factors that will determine the outcome of the subject matter of this press release are beyond iHeartCommunications ability to control or predict. iHeartCommunications undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact:
Media
Wendy Goldberg, 212-377-1105
Executive Vice President Communications
Investors
Eileen McLaughlin, 212-377-1116
Vice President Investor Relations
2
Exhibit 99.2
FOR IMMEDIATE RELEASE | PRESS RELEASE |
IHEARTCOMMUNICATIONS, INC. ANNOUNCES EXTENSION OF
PRIVATE TERM LOAN OFFERS
San Antonio, TX, July 6, 2017. iHeartCommunications, Inc. (iHeartCommunications) today announced that it is extending the deadline for participation in the private offers (the Term Loan Offers) to lenders under its Term Loan D and Term Loan E facilities (Existing Term Loans) to amend the Existing Term Loans. The Term Loan Offers have been extended to 5:00 p.m., New York City time, on July 21, 2017. iHeartCommunications is extending the Term Loan Offers to continue discussions with lenders regarding the terms of the Term Loan Offers.
The terms of the Term Loan Offers have not been amended and remain the same as set forth in the Confidential Information Memorandum, dated March 15, 2017, as supplemented by Supplements No. 1 through No. 5 (as so supplemented, the Confidential Information Memorandum).
The Term Loan Offers, which are only available to holders of Existing Term Loans, are being made pursuant to the Confidential Information Memorandum, and are exempt from registration under the Securities Act of 1933 (the Securities Act). The new securities (the New Securities) of iHeartMedia, Inc., CC Outdoor Holdings, Inc., Broader Media, LLC and/or iHeartCommunications being offered in the Term Loan Offers are offered only in reliance on exemptions from registration under the Securities Act. The New Securities have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
Documents relating to the Term Loan Offers will only be distributed to holders of Existing Term Loans that complete and return a letter of eligibility. Holders of Existing Term Loans that desire a copy of the letter of eligibility must contact Global Bondholder Services Corporation, the tabulation agent and information agent for the Offers, by calling toll-free (866) 470-3700 or at (212) 430-3774 (banks and brokerage firms) or visit the following website to complete and deliver the letter of eligibility in electronic form: http://gbsc-usa.com/eligibility/ihc-termloanoffers.
This press release is for informational purposes only and shall not constitute an offer to sell or exchange nor the solicitation of an offer to buy the New Securities or any other securities. The Term Loan Offers are not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful. Any offers of the New Securities are being made only by means of the Confidential Information Memorandum.
About iHeartMedia, Inc./iHeartCommunications, Inc.
iHeartMedia, Inc. (PINK: IHRT), the parent company of iHeartCommunications, Inc., is one of the leading global media and entertainment companies. The company specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local communities, and uses its unparalleled national reach to target both nationally and locally on behalf of its advertising partners. The company is dedicated to using the latest technology solutions to transform the companys products and services for the benefit of its consumers, communities, partners and advertisers, and its outdoor business reaches over 35 countries across five continents, connecting people to brands using innovative new technology.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on current iHeartCommunications management expectations. These forward-looking statements include all statements other than those made solely with respect to historical facts. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, whether or not iHeartCommunications will consummate the Term Loan Offers, and if it does, the timing of the Term Loan Offers. Many of the factors that will determine the outcome of the subject matter of this press release are beyond iHeartCommunications ability to control or predict. iHeartCommunications undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact:
Media
Wendy Goldberg, 212-377-1105
Executive Vice President Communications
Investors
Eileen McLaughlin, 212-377-1116
Vice President Investor Relations
2
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