Holders of iHeartCommunications, Inc.’s 14.0% Senior Notes due 2021 Provide Update on Release of Guarantees – To Date Holders of Approximately $1 Billion of Notes Have Executed Releases

NEW YORK--()--Pursuant to certain notices of release on and after January 12, 2018 (the “Notices of Release”), to date beneficial owners of an aggregate amount of approximately $1 billion of 14.0% Senior Notes due 2021 (the “Notes” and such beneficial owners, the “Releasing Holders”) issued under the Indenture, dated June 21, 2013 (the “Indenture”), among iHeartCommunications, Inc. (the “Issuer”), the guarantors party thereto (the “Guarantors”) and Delaware Trust Company, as Trustee, have released the Guarantors from all obligations, including but not limited to payment obligations, in respect of such Guarantors’ Guarantees of the Notes held or subsequently acquired by the Releasing Holders, to the extent permitted by applicable law and not prohibited by the Indenture or certain other debt documents. For the avoidance of doubt, the Releasing Holders have not released the Issuer from any obligations, including payment obligations, under the Indenture or otherwise.

As set forth in the Notices of Release, the Releasing Holders have taken such action to improve the Issuer’s financial condition in order to maximize the Releasing Holders’ recoveries from the Issuer.

Any party interested in obtaining further details should contact the advisors to certain of the Releasing Holders as set forth below.

The Releasing Holders do not have or assume any fiduciary or other duties to any party. This press release is not intended as a solicitation to take any action or as an offer or sale of any security.

Contacts

Gibson, Dunn & Crutcher LLP
213-229-7000
Robert Klyman, Partner
RKlyman@Gibsondunn.com
or
GLC Advisors & Co., LLC
212-542-4540
J. Soren Reynertson, Managing Director
soren.reynertson@glca.com
Michael J. Sellinger, Managing Director
Michael.sellinger@glca.com

Contacts

Gibson, Dunn & Crutcher LLP
213-229-7000
Robert Klyman, Partner
RKlyman@Gibsondunn.com
or
GLC Advisors & Co., LLC
212-542-4540
J. Soren Reynertson, Managing Director
soren.reynertson@glca.com
Michael J. Sellinger, Managing Director
Michael.sellinger@glca.com