In a restructuring global ruled by way of oil and fuel corporations at the one hand and retail at the different, iHeartMedia stands proud.
But when we dig just a little deeper, the San Antonio-based radio and billboard corporate stocks some similarities with the ones different corporations buffeted by way of fresh financial traits.
Final week, iHeart introduced that it had commenced an change be offering centered at the entire corporate’s remarkable time period loans, along side quite a lot of different notes, totaling about $14.6 billion in debt. Previous this yr, iHeart exchanged $476 million of senior unsecured notes due in 2018 for a like quantity of senior secured notes due in 2021.
That adulthood extension was once easy when compared with the present change be offering.
Beneath the brand new be offering, iHeart is providing quite a lot of applications to collectors, relying at the level of creditor participation. For instance, the corporate’s time period mortgage lenders shall be presented a spread of $750 to $880 of latest time period loans for each and every $1,000 of previous time period loans they mushy.
If maximum lenders take part within the change be offering, the lenders can even obtain magnificence B commonplace inventory in any other subsidiary and warrants to buy iHeartMedia’s personal magnificence D commonplace inventory. Sure, that’s proper: magnificence D.
Oh, and if no less than part of the time period mortgage holders take part, the entire present time period loans shall be amended to take away the lender’s talent to renegotiate the debt if its accountants query the corporate’s talent to proceed as a…