Colorado Media Newsroom
May 29th, 2024, 03:21 PM
From Radio Insight:
https://i0.wp.com/radioinsight.com/wp-content/uploads/2023/02/iheartmedia.jpg?resize=200%2C200&ssl=1With its stock price falling from $2.16 per share on May 8 to 86 cents per share yesterday, a number of iHeartMedia creditors have retained financial adviser Evercore and law firm Milbank to advise them ahead of debt payments due starting in May 2026 reports Bloomberg (https://www.bloomberg.com/news/articles/2024-05-29/iheart-creditors-including-pimco-tap-advisers-as-revenue-slumps?srnd=technology-vp).
The report notes that of iHeart’s current $5.2 billion of debt, a $1.8 billion term loan is due in 2026 and trades at 77.5 cents on the dollar, while an $800 million 6.375% note that matures in 2026 was trading at around 70.75 cents. Bloomberg states the lenders are worried about the company’s drop in revenue “at a time when other indebted media companies are pushing ahead with debt restructurings”.
iHeart’s exit from Chapter 11 bankruptcy protection in 2019 lowered the company’s debt from $16.1 billion to $5.75 billion with much of the debt originating from the leveraged $17.9 billion purchase (https://www.reuters.com/article/idUSN30479819/#:~:text=PHILADELPHIA%20(Reuters)%20%2D%20Private% 20equity,company%20Clear%20Channel%20Communication s%20Inc.) of then Clear Channel Communications by Bain Capital Partners and Thomas H. Lee Partners in 2008.
more (https://radioinsight.com/headlines/270464/report-iheartmedia-creditors-retain-financial-legal-advisors-ahead-of-2026-debt-payments/)
https://i0.wp.com/radioinsight.com/wp-content/uploads/2023/02/iheartmedia.jpg?resize=200%2C200&ssl=1With its stock price falling from $2.16 per share on May 8 to 86 cents per share yesterday, a number of iHeartMedia creditors have retained financial adviser Evercore and law firm Milbank to advise them ahead of debt payments due starting in May 2026 reports Bloomberg (https://www.bloomberg.com/news/articles/2024-05-29/iheart-creditors-including-pimco-tap-advisers-as-revenue-slumps?srnd=technology-vp).
The report notes that of iHeart’s current $5.2 billion of debt, a $1.8 billion term loan is due in 2026 and trades at 77.5 cents on the dollar, while an $800 million 6.375% note that matures in 2026 was trading at around 70.75 cents. Bloomberg states the lenders are worried about the company’s drop in revenue “at a time when other indebted media companies are pushing ahead with debt restructurings”.
iHeart’s exit from Chapter 11 bankruptcy protection in 2019 lowered the company’s debt from $16.1 billion to $5.75 billion with much of the debt originating from the leveraged $17.9 billion purchase (https://www.reuters.com/article/idUSN30479819/#:~:text=PHILADELPHIA%20(Reuters)%20%2D%20Private% 20equity,company%20Clear%20Channel%20Communication s%20Inc.) of then Clear Channel Communications by Bain Capital Partners and Thomas H. Lee Partners in 2008.
more (https://radioinsight.com/headlines/270464/report-iheartmedia-creditors-retain-financial-legal-advisors-ahead-of-2026-debt-payments/)