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Friday, November 6, 2015

Analysts Concerned About iHeart Liquidity

Analysts Concerned About iHeart Liquidity
Nov 5th 2015, 12:11
iHeartMedia SVP and Treasurer Brian Coleman even joked that he was getting more love from analysts this quarter with many more questions being tossed his way. Those questions were on the future liquidity of the company, something Coleman said he's comfortable with because there are "a host of things to look at to generate liquidity." Those things include the possibility of selling more non-core assets and the capacity to issue debt, according to Coleman. The company borrowed $190 million in Q3 for general corporate purposes and for the first nine months of 2015 cash flow used in operating activities was $363 million. IheartMedia has $20 billion dollars in debt and the cost of debt is 8.4% compared to 8.1% one year ago. In the third quarter iHeart paid $556 million in interest on that $20 Billion in debt. They are expecting to pay another $314 million in Q4.