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Latest on Flush Rush ClearChannel now IHeartMedia $20.48 billion in debt

October 28, 2014

SAN ANTONIO — Radio and billboard giant iHeartMedia Inc. is selling two San Antonio buildings, including its headquarters, to raise about $30 million in a “liquidity” move, executives revealed Tuesday.

CC Media Holdings Inc or ClearChannel home of Rush Limbaugh changed its name to iHeartMedia we suspect to avoid negative press from the Flush Rush Boycott.

The company had a total debt of $20.48 billion as of Sept. 30, nearly the same as on Dec. 31, 2013.

Much of the debt stems from 2008, when 70 percent of the company was sold to two Boston-based private equity firms, Bain Capital Partners LLC and THL Partners. About 30 percent of the company remains publicly traded on the over-the-counter market.

iHeartMedia reported a third-quarter loss of $114.85 million on Tuesday, compared to a $101.85 million loss in the third quarter of 2013.

Through the first nine-months of 2014, iHeartMedia reported a loss of $725.67 million, compared to the 2013 loss in the first nine months of nearly $297.66 million.

http://www.expressnews.com/business/article/iHeartMedia-selling-its-San-Antonio-headquarters-5852805.php

My Bold Notice the bold the Debt is nearly the same as last year and much of the debt is from 2008 this tells us that iHeartMedia is barely keeping up with the interest payments on its debt.

IHeartMedia lost slightly more this year than last year that means they are increasingly in danger of falling behind on their  $20.48 billion debt.

In the Washington Bubble Republicans win elections because of Gerrymandering, voter suppression and lets face it many Blue States where people want to live have unequal representation compared to many Red States. Meaning You have more people represented by a congressman in California than you do in Wyoming.  We in a sense give reward failed states that are often dependent on Government handouts and surprise they project on us that we get handouts and get angry and want to stop us from using our Government tax dollars to help our and their poor.

In the Real World though Rush Limbaugh is a Sexist, Racist, Homophobe etc that Mitt Romney’s Bain Capital  bought because having Rush in his pocket would be helpful in Mitt’s quest to be President. I don’t know how much of the $20.48 billion debt Mitt owns but nobody can afford to lose even a billion dollars.

We lost the election we did not lose the battle of ideas we keep being right, we are organized, we have power!

And, there’s no question that a big part of being a candidate is asking people for money.  But, it’s also worth putting just how much money elections cost — $3.7 billion for the 2014 election, according to the Center for Responsive Politics —

http://www.washingtonpost.com/blogs/the-fix/wp/2014/11/06/the-2014-election-cost-3-7-billion-we-spend-twice-that-much-on-halloween/

$20.48 billion is more than quadruple $3.7 billion and just wait until interest rates rise they can’t stay low forever. They won a battle and they definately win the media war but in the end they can’t afford to many more ClearChannel/Rush Limbaugh boycotts.

 

Update

   Sunday, 26 October 2014    Bond buyers are so desperate that they are buying the bonds of a company that are rated triple C plus by Standard & Poors.  Moody’s even lower rating of Caa2 is eight levels below investment grade.  Moody’s says this rating is “for companies with very poor financial security” and indicates “elements of  danger with regard to financial capacity.”  It’s hard to find any respect in these scenarios.

Either way, we have a company whose free cash flow in 2014 seems impressive at $1.6 billion until you realize that is slightly less than the interest Clear Channel will pay on its debt this year.  And that absurdly low 10% interest is twice the rate of the bonds they are replacing

http://www.radiotoday.com.au/guest-writers/programming/5688-usa-sunday-soapbox-junk-bond-radio.html

In case there was any doubt yes IheartMedia/Clearchannel become and remains 6 years later a junk bond under Mitt. If anyone has any doubts about where Republican economic polices lead the phrase bubble economy and boom and bust economies  comes to mind. I seriously hope that Union Pension Funds do not invest in these bonds or buy hedge funds invested in these bonds.

 

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ThingsComeUndone

ThingsComeUndone

A jack of all trades master of none a pot felon who can't get a job worthy of his talents so I write for free.

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