iHeart comprehensive out-of-court debt restructuring

Davis Polk advised an ad hoc group of noteholders and term loan lenders to iHeartCommunications, Inc. (together with its affiliates, “iHeart”) on a comprehensive out-of-court restructuring of approximately $4.8 billion of existing indebtedness. The transaction entailed, among other things, the exchange by participating holders of (a) iHeartCommunications, Inc.’s existing senior secured first-lien term loans due 2026 into new senior secured first-lien term loans due 2029 and (b) iHeartCommunications, Inc.’s existing 6.375% senior secured notes due 2026, existing 5.250% senior secured notes due 2027, existing 4.750% senior secured notes due 2028 and existing 8.375% senior unsecured notes due 2027 for new 9.125% senior secured first-lien notes due 2029, 7.750% senior secured first-lien notes due 2030, 7.000% senior secured first-lien notes due 2031 and 10.875% senior secured second-lien notes due 2030, respectively, in each case issued by iHeartCommunications, Inc. Approximately $4.8 billion of the aggregate principal amount of the approximately $5.2 billion of existing debt outstanding participated in the exchange offers, which expired at 9:00 a.m., New York City time, on December 18, 2024.

iHeart is a mass media corporation headquartered in San Antonio, Texas. The company owns more than 850 live broadcast radio stations and operates the iHeartRadio digital service across more than 250 platforms and 2,000 devices including smart speakers, smartphones, TVs and gaming consoles. iHeart is also a leading podcast publisher and stages branded live music events including the iHeartRadio Music Festival and iHeartRadio Music Awards.

The Davis Polk restructuring team included partners Damian S. Schaible and Eli J. Vonnegut, counsel Christopher Robertson and associates Lara Luo and Kyle Kreider. The finance team included counsel Jon Finelli and Timothy H. Oyen and associate Luke F. Porcari. The capital markets team included partner Hillary A. Coleman and associate Robert MacKenzie. All members of the Davis Polk team are based in the New York office.