**iHeartMedia Enters into Transaction Support Agreement for Refinancing Existing Debt**

iHeartMedia, Inc. recently disclosed in an 8-K filing to the Securities and Exchange Commission that the company, along with certain subsidiaries, has entered into a Transaction Support Agreement for the refinancing of Existing Debt. The agreement, effective November 6, 2024, involves iHeartMedia, its subsidiaries, lenders, and holders of senior secured notes, among others.

The comprehensive Transaction Support Agreement outlines two primary transaction options: the Comprehensive Transaction and the Alternative Transaction. The Comprehensive Transaction includes the exchange of existing notes and term loans, while the Alternative Transaction involves newly-formed subsidiaries offering the same exchange. The agreement specifies various conditions, representations, and efforts that must be met for the refinancing to proceed.

In addition to the significant lenders’ and holders’ support, iHeartMedia has detailed commitments including negotiating definitive transaction documents, securing necessary approvals, and paying advisors’ fees. Noteworthy legal and financial advisory services were provided by Simpson Thacher & Bartlett LLP and PJT Partners LP for iHeartMedia, while Davis Polk & Wardwell LLP and Perella Weinberg Partners assisted a select group of Initial Consenting Holders.

The Transaction Support Agreement allows for termination under certain conditions, including breaches, changes in control, or failure to consummate the refinance by the specified deadline. The filing also highlighted that the ABL Amendment was commenced on the same date, impacting interest rates and covenants based on the selected transaction outcome.

Furthermore, iHeartMedia issued a press release on November 7, 2024, announcing the Transaction Support Agreement and related transactions, which were made publicly available for review. The company emphasized that the disclosed information is not an offer for securities exchange. The agreement carries forward until transactions are finalized or if terminated as per the conditions outlined.

Cautionary language in the filing stressed forward-looking statements included, indicating potential risks and uncertainties in future results, emphasizing the company’s commitment to meeting reporting obligations with proper regard for financial standards.

The filing concluded with a list of attached exhibits that included the Transaction Support Agreement, Amendment to the ABL Credit Agreement, press releases, and presentation materials to detail the latest developments within iHeartMedia.

This announcement reveals iHeartMedia’s strategic financial move towards refinancing existing debt, marking a significant step towards advancing the company’s financial structure amidst evolving market conditions.

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.

iHeartMedia Company Profile

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.