iHeartMedia, Inc. Announces Decision Regarding Its 5.50% Senior Notes Due 2016

iHeartMedia, Inc. Announces Decision Regarding Its 5.50% Senior Notes Due 2016

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SAN ANTONIO, Texas - December 13, 2016 — iHeartMedia, Inc. (PINK: IHRT) today announced a decision to not repay the $57.1 million of the 5.50% Senior Notes due December 15, 2016 (“2016 Legacy Notes”) held by affiliate Clear Channel Holdings, Inc. ("CCH") when the notes mature on December 15, 2016. The decision, made by a Special Committee of independent directors, is part of the Company’s ongoing efforts to proactively address its capital structure, while maximizing the value of its assets.

While the $192.9 million of 2016 Legacy Notes held by other holders will be paid in full at maturity, the $57.1 million balance held by affiliate CCH will remain outstanding. Because the 2016 Legacy Notes owned by CCH will continue to remain outstanding, the Company will continue to have at least $500 million of legacy notes outstanding on December 15, 2016 and will therefore not be obligated to grant certain additional security interests in favor of certain of its debtholders under a so-called “springing lien” set forth in relevant debt agreements.

About iHeartMedia, Inc.

iHeartMedia, Inc. (Nasdaq: IHRT) is the leading audio media company in America, reaching over 90% of Americans in every month. iHearts broadcast radio assets alone have more consumer reach in the U.S. than any other media outlet; twice the reach of the next largest broadcast radio company; and over four times the ad-enabled reach of the largest digital only audio service. iHeart is the largest podcast publisher according to Podtrac, with more downloads than the next two podcast publishers combined and has the number one social footprint among audio players, with seven times more followers than the next audio media brand, and the only fully integrated audio ad tech solution across broadcast, streaming and podcasts. The company continues to leverage its strong audience connection and unparalleled consumer reach to build new platforms, products and services. Visit iHeartMedia.com for more company information.