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iHeartMedia: Initial Impressions on the TSA
Anthony P. Canale, J.D. - Head of Research
Overview
Today, iHeartMedia, Inc. (“iHeart”) filed an 8–K disclosing a comprehensive refinancing transaction via a Transaction Support Agreement (the “TSA”) that contemplates two alternative transaction structures.1 iHeart’s 8–K also included a presentation providing an overview of these transactions (the “TSA Presentation”).2 The TSA is designed to extend over $4 billion of maturities by three years, and all holders of the outstanding loans and bonds will have the right to participate. In this report, we provide our initial impressions on the TSA and these two alternative transaction structures.
Previous Research
We have published extensive research on the iHeart capital structure over the years. In particular, we have published the following recent reports on the ability of iHeart to engage in liability management exercises:
We have published extensive research on the iHeart capital structure over the years. In particular, we have published the following recent reports on the ability of iHeart to engage in liability management exercises:
• iHeartMedia: Frequently Asked Questions on Potential Liability Management Exercises (May 2024)
• iHeartMedia: How Much Value Can the Company Move to Unrestricted Subsidiaries [..]
• iHeartMedia: How Much Value Can the Company Move to Unrestricted Subsidiaries [..]
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