iHeartMedia (company)

iHeartMedia (company)

iHeartMedia, Inc., or CC Media Holdings, Inc., is an American mass media corporation headquartered in San Antonio, Texas. It is the holding company of iHeartCommunications, Inc., formerly Clear Channel Communications, Inc., a company founded by Lowry Mays and Red McCombs in 1972, and later taken private by Bain Capital and Thomas H. Lee Partners in a leveraged buyout in 2008. As a result of the 2008 buyout, Clear Channel Communications, Inc. became a wholly owned subsidiary of CC Media Holdings, Inc.

Key facts

Legal NameiHeartMedia, Inc.
Company Operating StatusActive
Ticker SymbolIHRT

Capital structure

InstrumentCouponMaturityAmountSource
9.125% Senior Secured Notes due 2029 ยท First Lien9.125%โ€”โ€”source โ†—
7.750% Senior Secured Notes due 2030 ยท First Lien7.750%โ€”โ€”source โ†—
7.000% Senior Secured Notes due 2031 ยท First Lien7.000%โ€”โ€”source โ†—
Credit Agreement ยท First Lienโ€”โ€”โ€”source โ†—

Covenant analysis

CovenantTermvs marketSource
Intercreditor Agreement Joinder Requirement ยท Structural / IntercreditorAdditional Collateral Agent in respect of Additional Senior Class Debt is required to become subject to and bound by the Intercreditor Agreement as a condition to incurring Additional First Lien Obligationssource โ†—
Refinancing Joinder Requirement ยท Structural / IntercreditorUpon a Refinancing of the Credit Agreement Obligations, the collateral agent in respect of such financing arrangement must execute and deliver a joinder in the form of this Joinder Agreementsource โ†—
Governing Law ยท AdministrativeLaws of the State of New Yorksource โ†—