A ‘Harmonizing Term Sheet’ Arrives From iHeart

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As most radio industry executives and industry observers are aware, iHeartMedia in recent weeks has engaged in discussions with its stakeholders with respect to the restructuring of its capital structure.


Since iHeart’s proposal on February 8, which sees the nation’s No. 1 owner of radio stations edge closer to a debt-for-equity deal that its lenders can agree to, iHeart has been in regular contact with each of its creditor and equity constituents “to develop a proposal that has the most support possible.”

Now, with hours to go before an anticipated Chapter 11 reorganization petition is finalized and approved, the company has disclosed in an SEC filing what it calls its “attempt to harmonize the views that it has received directly from the various groups of noteholders, lenders and the company’s equity holders.”

Translation: A new term sheet is dangling in front of iHeart’s lenders, and it’s up to them to decide how to move forward.

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