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iHeartMedia ( (IHRT) ) just unveiled an announcement.
iHeartMedia, Inc. has entered into a Transaction Support Agreement with lenders to refinance its debt, aiming to extend the maturity of its outstanding notes and term loans by three years. This move, involving two alternative exchange transaction structures, is designed to bolster the company’s financial position and provide more flexibility for strategic initiatives. The agreement includes amendments to existing covenants and provisions, alongside an increased interest rate in its ABL facility, subject to certain conditions. This strategic refinancing is part of iHeartMedia’s efforts to strengthen its balance sheet and enhance operational flexibility.
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