iHeartMedia unit repurchases all $60 million series A preferreds

By Wendy Van Sickle

Columbus, Ohio, Oct. 27 – iHeartMedia, Inc. said its subsidiary, iHeart Operations, Inc., repurchased and canceled all of its 60,000 outstanding shares of series A perpetual preferred stock, using cash on hand.

“We are pleased to have voluntarily repurchased the full balance of our $60 million preferred stock, demonstrating our commitment to strengthening our balance sheet and increasing free cash flow, while still maintaining ample liquidity,” Bob Pittman, chairman and chief executive officer of iHeartMedia, Inc., said in a news release.

“Repurchasing early allows us to realize interest savings, exit the most restrictive instrument on our balance sheet, and continue to reinforce iHeart's commitment to improving our capital structure. This action continues to demonstrate our confidence in our business moving forward.”

The cash repurchase price for each preferred share was $1,000, plus a premium equal to the remaining dividends required to be paid through the optional redemption date of May 1, 2022 discounted at a negotiated rate, resulting in an aggregate redemption amount of $64.35 million.

iHeartMedia is media and entertainment company based in San Antonio.

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