iHeartMedia, Inc. (OTCBB:IHRT), one of the leading global media and
entertainment companies, announced today that the first closing of the
sale of a select portfolio of its tower assets to Vertical Bridge has
occurred. Initial closing proceeds were approximately $369 million prior
to fees and customary adjustments for prorated items. Additional
closings are expected to occur.
As previously announced, there will be no impact on the company’s
broadcast capabilities and operations; the company has entered into a
lease with respect to the sold tower assets that will ensure the ability
of its broadcast operations to continue without interruption. The
company also reiterated that investors should expect incremental lease
expense as a result of the transaction.
“We are very pleased that this transaction has closed, and will continue
to seek other opportunities to efficiently operate our portfolio of
assets while maximizing liquidity,” said Richard J. Bressler, President,
Chief Operating Officer and Chief Financial Officer of iHeartMedia, Inc.
“We are excited to have completed this closing with our new partner,
iHeartMedia, and are looking forward to a longstanding and successful
relationship. Many of these assets are located in metropolitan and
hard-to-site areas that we will make accessible to all of our wireless
and broadcast clients,” said Alexander L. Gellman, CEO and Co-founder of
Vertical Bridge.
Guggenheim Securities, LLC arranged the debt financing for Vertical
Bridge Holdings, LLC in this transaction.
About Vertical Bridge Holdings, LLC
Vertical Bridge Holdings, LLC is a privately-owned real estate
investment trust focused on the ownership of wireless communication
towers in the U.S. The company owns, operates and manages
telecommunications towers, rooftops, and site locations across the
country. Vertical Bridge was founded in 2014 by Digital Bridge Holdings,
LLC as well as certain key executives from Global Tower Partners, and is
headquartered in Boca Raton, Florida. For more information, please visit www.verticalbridge.com
or contact Erica Robertson at: 561-406-4032.
About iHeartMedia, Inc.
iHeartMedia, Inc. is one of the leading global media and entertainment
companies specializing in radio, digital, outdoor, mobile, live events,
social and on-demand entertainment and information services for local
communities and providing premier opportunities for advertisers. For
more company information visit iHeartMedia.com.
Copyright Business Wire 2015