iHeartMedia Initiates Exchange Offers and Consent Solicitations for Existing Notes and Term Loans

On November 18, 2024, iHeartMedia, Inc. (NASDAQ: IHRT) announced the commencement of exchange offers and consent solicitations relating to iHeartCommunications, Inc.’s senior secured notes, senior unsecured notes, and term loans, initially disclosed on November 15, 2024. These initiatives encompass the outstanding 6.375% Senior Secured Notes due 2026, 5.250% Senior Secured Notes due 2027, 4.750% Senior Secured Notes due 2028, and 8.375% Senior Notes due 2027. The transactions are governed by specific terms and conditions outlined in a Confidential Offering Memorandum and Consent Solicitation Statement dated November 15, 2024.

As per a Transaction Support Agreement inked by iHeartMedia, certain subsidiaries, lenders, and holders of the existing debt have agreed to participate in the exchange offers and consent solicitations. Notably, Supporting Holders representing approximately 85.4% of the aggregate principal amount of the existing debt have committed to tender and provide consents regarding their existing notes and term loans.

The exchange offers and consent solicitations will expire at 5:00 p.m., Eastern time, on December 16, 2024, unless extended. Eligible holders must tender their existing notes and deliver consents by the Early Tender Deadline to receive the applicable Total Exchange Consideration, including any Early Tender Premium. There are no withdrawal or revocation rights associated with the exchange offers.

Concurrently, an exchange offer dubbed the Term Loan Exchange will be open to existing lenders, where they will exchange all existing term loans. A Term Loan Consent Solicitation will amend provisions under the Existing Term Loan Credit Agreement to facilitate the transactions envisioned.

These transactions present potential opportunities for holders of existing notes and align with iHeartMedia’s strategic and financial objectives. However, as with any financial undertaking, there are risks involved, as mentioned in the Company’s reports filed with the U.S. Securities and Exchange Commission.

For further inquiries or copies of pertinent documents, Eligible Holders may contact the Exchange and Information Agent at Kroll Issuer Services or their financial advisors. This press release serves as an informational update and does not constitute an offer to sell or buy any security.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read iHeartMedia’s 8K filing here.

About iHeartMedia

iHeartMedia, Inc operates as an audio media company in the United States and internationally. It operates through three segments: Multiplatform Group, Digital Audio Group, and Audio & Media Services Group. The Multiplatform Group segment offers broadcast radio stations, sponsorship and events, and live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents syndicated radio programs and services to radio station affiliates.