iHeart Media is said to be in talks about how to lower its debt load.
The broadcaster, saddled with more than $20B in debt, is considering possibly a bond or equity offering to retire some of it, reports Bloomberg.
The broadcaster is discussing the plan with its private equity owners and would offer existing debtholders the option to exchange into new obligations from a subsidiary called Broader Media LLC, according to the account.
Alternatively, iHeart is discussing a plan to use proceeds from a Broader Media security sale to buy the parent company’s bonds in the open market, a source told Bloomberg. iHeartMedia is owned by Bain Capital Partners and Thomas H. Lee Partners.
In a November earnings call, iHeart Treasurer Brian Coleman said the company feels there are “opportunities for liability-management activities.”
Both iHeartMedia and Bain declined comment.