iHeartMedia launches exchange offers for ~$2.97B of existing notes and term loans

iHeartMedia, Inc.

Existing Notes: $800M 6.375% 2026, $750M 5.25% 2027, $500M 4.75% 2028 Secured, $916M 8.375% 2027 Unsecured.
Supporting holders (85.4% of total Existing Debt) have agreed to tender and consent.
Two paths: Comprehensive Offers (95% participation) or Alternative Offers with lower thresholds.
Early tender deadline Nov 29, 2024; final expiration Dec 16, 2024. No withdrawal rights.
New notes have higher coupons up to 10.875% vs existing 8.375% Unsecured; maturities extended to 2029-2031.

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