Simpson Thacher recently represented iHeartMedia, Inc. (the “Company”) in comprehensive strategic exchange offers and consent solicitations for the Company’s existing term loans, senior secured notes, and senior unsecured notes. Pursuant to the exchange transactions, approximately $4.8 billion (or 92.2%) of the aggregate principal amount of the Company’s existing debt was exchanged into new debt instruments with extended maturities. As a result of the exchange transactions, the maturities on the exchanged debt were extended by 3 years and the Company reduced the principal amount of its total debt by approximately $440 million.
iHeartMedia, Inc. is the leading audio media company in America, with 90% of Americans listening to iHeart broadcast radio in every month. The Company continues to leverage its strong audience connection and unparalleled consumer reach to build new platforms, products and services.
The Simpson Thacher team included Sandy Qusba, David Zylberberg, Soogy Lee, Ashley Gherlone, Zachary Weiner, Sean Lee and Patrick Murphy (Restructuring); Patrick Ryan, Brandan Still, Patrick Wolff, Kyle Nelson, Joel Kushner, Matthew Digirolamo and Colin Manchester (Banking & Credit); Marisa Stavenas, Jonathan Ozner, Jieun Lim, John Strubing, Kelly Johnson and Sophie Kim (Capital Markets); Jonathan Goldstein, Andrew Purcell and Andrew Mandelbaum (Tax); Ravi Purushotham, Jonathan Schwartz, Amy Zhou and Justin Jang (M&A); and Ron Ben-Yehuda (IP).