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iHeartMedia Filing Discloses $25M CCOH Demand
RADIO ONLINE | Friday, October 13, 2017 | 0:21am CT

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In an 8K filing with the SEC, iHeartMedia disclosed that Clear Channel Outdoor Holdings (CCOH), an indirect, non-wholly owned subsidiary of iHeartCommunications Inc., provided notice of its intent to make a demand for repayment on October 31, 2017 of $25 million outstanding under the Revolving Promissory Note, dated as of November 10, 2005, between iHeartCommunications, maker and CCOH, payee.

Additionally, the Board of Directors of CCOH declared a special cash dividend payable on October 31, 2017 to CCOH's Class A and Class B stockholders of record at the closing of business on October 26 for $25 million, to be funded with the proceeds of the Demand. iHeartCommunications will be entitled to receive approximately 89.5%, or $22.4 million, of the proceeds of the dividend through its wholly-owned subsidiaries.

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