Colorado Media Newsroom
August 1st, 2024, 04:10 AM
From Radio Insight:
https://i0.wp.com/radioinsight.com/wp-content/uploads/2023/02/iheartmedia.jpg?resize=200%2C200&ssl=1Bloomberg reports (https://www.bloomberg.com/news/articles/2024-07-31/iheart-in-confidential-talks-with-pimco-led-creditor-group?cmpid=socialflow-twitter-business&utm_source=twitter&utm_medium=social&utm_ campaign=socialflow-organic&utm_content=business&embedded-checkout=true) that iHeartMedia has begun talks with a group of its lenders including Pacific Investment Management Co. to attempt to restructure the debt payments coming due in May 2026.
Bloomberg had previously reported in May (https://radioinsight.com/headlines/270464/report-iheartmedia-creditors-retain-financial-legal-advisors-ahead-of-2026-debt-payments/) that a number of iHeartMedia’s creditors had retained financial adviser Evercore and law firm Milbank to advise them. The earlier report noted that of iHeart?s current $5.2 billion of debt, a $1.8 billion term loan is due in 2026, while an $800 million 6.375% note matures in 2026.
The new report states that as iHeart continues to face pressure from ad-revenue declines, multiple creditor groups have been created to fight over the money owed to them to ensure they their share.
more (https://radioinsight.com/headlines/276647/report-iheartmedia-begins-debt-restructuring-negotiations-with-group-of-lenders/)
https://i0.wp.com/radioinsight.com/wp-content/uploads/2023/02/iheartmedia.jpg?resize=200%2C200&ssl=1Bloomberg reports (https://www.bloomberg.com/news/articles/2024-07-31/iheart-in-confidential-talks-with-pimco-led-creditor-group?cmpid=socialflow-twitter-business&utm_source=twitter&utm_medium=social&utm_ campaign=socialflow-organic&utm_content=business&embedded-checkout=true) that iHeartMedia has begun talks with a group of its lenders including Pacific Investment Management Co. to attempt to restructure the debt payments coming due in May 2026.
Bloomberg had previously reported in May (https://radioinsight.com/headlines/270464/report-iheartmedia-creditors-retain-financial-legal-advisors-ahead-of-2026-debt-payments/) that a number of iHeartMedia’s creditors had retained financial adviser Evercore and law firm Milbank to advise them. The earlier report noted that of iHeart?s current $5.2 billion of debt, a $1.8 billion term loan is due in 2026, while an $800 million 6.375% note matures in 2026.
The new report states that as iHeart continues to face pressure from ad-revenue declines, multiple creditor groups have been created to fight over the money owed to them to ensure they their share.
more (https://radioinsight.com/headlines/276647/report-iheartmedia-begins-debt-restructuring-negotiations-with-group-of-lenders/)