Iheartmedia, Inc. · NASDAQ:IHRT
Iheartmedia — Debt Investor Presentation (November 2024)
10 slides from Iheartmedia's debt investor presentation, Nov 7, 2024
Slide 1: Transaction Overview Materials
Transaction Overview Materials November 7th, 2024 America’s #1 Audio Company | Reaching 9 out of 10 Americans Every Month | Radio ∙ Podcasts ∙ Digital ∙ Social ∙ Influencers ∙ Data ∙ Events
Slide 2: Disclaimer
Disclaimer Non-GAAP Measures: In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this Presentation contains certain non-GAAP financial measures, including Adjusted EBITDA. The Company believes these non-GAAP financial measures ar
Slide 3: Executive Summary
Executive Summary iHeartMedia, Inc. (“iHeart” or the “Company”) has successfully negotiated a Transaction Support Agreement (“TSA”) with holders of approximately 80% of the Company’s indebtedness (“TSA Parties”). (1) All holders of the Company's outstanding notes and term loans will have the right t
Slide 4: Transaction Structure
Transaction Structure Concurrent launch of two exchange transactions initially supported by TSA Parties 1▪ Alternative Transaction: Exchange of existing debt into new term loans and notes issued by one or more unrestricted subsidiaries (the “UnSub”)(1) that will hold certain transferred assets and t
Slide 5: Transaction Highlights and Considerations
Transaction Highlights and Considerations ▪ Maturities extended for at least ~80% or $4.1bn of existing indebtedness by three years Expected Key Benefits to ▪ Provides Company with runway to execute on strategic plan Company ▪ Deleveraging of at least $233mm ▪ Enhanced collateral and guarantee packa
Slide 6: Pro Forma Maturity Profile
Pro Forma Maturity Profile COMPREHENSIVE ALTERNATIVE STATUS QUO TRANSACTION(1) TRANSACTION(2) Exchange Debt Exchange Debt $3,000 2,500 2,000 Debt ($) 1,500 1,000 500 0 2026 2027 2026 20282028 2027 2029 2030 20292031 2030 2031 2026 2027 2028 2029 2030 2031 2026 2027 2028 2029 2030 2031 Term Loan Faci
Slide 7: Summary of Key Terms – Exchange Economics
Summary of Key Terms – Exchange Economics Current Pro Forma (Comprehensive and Alternative) Exchange Consideration Amount Maturity Rate ($ in millions) By Early Tender After Early Tender Maturity Rate(1) Deadline Deadline > 5c Cash + 94c > 1c Cash + 94c > S+300/325 > S+577.5bps Term Loan > $2,265 >
Slide 8: Pro Forma Capital Structure – Alternative Transaction
Pro Forma Capital Structure – Alternative Transaction ($ in millions) Current Pro Forma Cash x24E x24E Description Maturity Rate Amount Adj. EBITDA Adj. Amount Adj. EBITDA New 2029 Term Loan Facility May-29 S+578 $– $1,976 $1,976 New 2029 Senior Secured Notes May-29 9.125% – 580 580 New 2030 Senior
Slide 9: Pro Forma Capital Structure – Comprehensive Transaction
Pro Forma Capital Structure – Comprehensive Transaction ($ in millions) Current Pro Forma Cash x24E x24E Description Maturity Rate Amount Adj. EBITDA Adj. Amount Adj. EBITDA 2027 ABL Facility May-27 S+125-175 $– $– $– New 2029 Term Loan Facility May-29 S+577.5 – 2,044 2,044 New 2029 Senior Secured N
Slide 10: America's #1 Audio Company
America’s #1 Audio Company | Reaching 9 out of 10 Americans Every Month | Radio ∙ Podcasts ∙ Digital ∙ Social ∙ Influencers ∙ Data ∙ Events
iHeartMedia — Debt Investor Presentation (November 2024) on 6ix