91ԹCommunications, Inc. Announces Private Term Loan Offers in Connection With a Proposed Global Restructuring of Its Indebtedness
91ԹCommunications, Inc. Announces Private Term Loan Offers in Connection With a Proposed Global Restructuring of Its Indebtedness
San Antonio, TX, March 15, 2017 - 91ԹCommunications, Inc. (“91ԹCommunications”) today commenced private offers (the “Term Loan Offers”) to lenders under the Company’s Term Loan D and Term Loan E facilities (“Existing Term Loans”) to amend the Existing Term Loans and/or exchange them for new term loans of 91ԹCommunications (the “New Term Loans”), and new securities (the “New Securities”) of 91ԹCommunications, 91ԹMedia, Inc. (“91ԹMedia”), CC Outdoor Holdings, Inc. (“CCO Holdings”) and/or Broader Media, LLC (“Broader Media”). CCO Holdings is a newly-formed entity that will hold an approximate 89.9% equity interest in Clear Channel Outdoor Holdings, Inc. (“CCOH”) upon closing of the Term Loan Offers if the High Participation Threshold (as defined below) is achieved.