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iHeartMedia: A Closer Look at the Secured 2028s
Anthony P. Canale, J.D. - Global Head of Research
OVERVIEW
Yesterday, iHeartMedia, Inc. (鈥渋Heart鈥�) filed an 8-K (the 鈥�8-K鈥�) disclosing that is has launched exchange offers for each series of its outstanding bonds and loans, pursuant to a Transaction Support Agreement (the 鈥淭SA鈥�) that contemplates two alternative transaction structures.1
On November 7, we published iHeartMedia: Initial Impressions on the TSA, where we explained the two alternative transaction structures. We refer to this report as the 鈥淧revious Report鈥�, and assume that all readers of this report have read the Previous Report.
In today鈥檚 8-K, the Company disclosed that as of November 14, 2024, holders representing approximately 40.9% of the Secured 2028s have agreed to participate and tender and provide consent with respect to the Secured 2028s. Accordingly, in this report we are only focusing on the drop-down transaction structure, because the Company does not currently have the TSA support necessary to implement the comprehensive uptiering transaction.2 We refer to this drop-down transaction structure as the 鈥淒rop-Down Transaction.鈥澛�
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