New York, NY (Top40 Charts) 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.
