iHeartMedia Completes Comprehensive Exchange Transactions

iHeartMedia, Inc. successfully concluded its comprehensive exchange transactions on December 20, 2024. The transactions involved the exchange of iHeartCommunications, Inc.’s existing Senior Secured and Unsecured Notes for new Senior Secured First Lien Notes and Senior Secured Second Lien Notes. The exchanges were part of a series of transactions collectively known as the “Comprehensive Transactions.”

Under the Comprehensive Transactions, iHeartCommunications exchanged approximately $755.4 million of its 6.375% Senior Secured Notes due 2026 for new 9.125% Senior Secured First Lien Notes due 2029, along with cash consideration. Additionally, exchanges were made for the 5.250% Senior Secured Notes due 2027, the 4.750% Senior Secured Notes due 2028, and the 8.375% Senior Notes due 2027 for new debt instruments.

The new debt instruments, including the First Lien Notes and Second Lien Notes, carry varying maturity dates and interest rates. Furthermore, the Company has set provisions for potential early redemptions and voluntary prepayments of the New Term Loans, as outlined in the agreements.

The exchange transactions also involved the issuance of new term loans and agreements ensuring the application of collateral and guarantee structures. To facilitate the transactions, iHeartCommunications and related parties entered into Multi-Lien Intercreditor Agreements and joinders to pre-existing agreements to govern the rights and relationships among involved parties.

As the exchange transactions were finalized, iHeartMedia issued a press release on December 23, 2024, announcing the successful completion of the Comprehensive Transactions. This strategic move is aimed at extending debt maturities, reducing total debt obligations, and fortifying the Company’s capital structure for enhanced operational flexibility.

For additional information on the transaction details and agreements, interested parties can refer to the complete texts of the related documents attached to the 8-K SEC Filing, and the press release issued by iHeartMedia, Inc. on December 23, 2024.

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.