We advised the lead arrangers and agent on the facility

Davis Polk advised the administrative agent and collateral agent, joint lead arrangers and joint bookrunners in connection with iHeartCommunications, Inc.’s $450 million asset-based revolving credit facility. The facility replaced iHeart’s existing asset-based revolving credit facility.

iHeart is a mass media corporation headquartered in San Antonio, Texas. The company owns more than 850 live broadcast radio stations and operates the iHeartRadio digital service across more than 250 platforms and 2,000 devices including smart speakers, smartphones, TVs and gaming consoles. iHeart is also a leading podcast publisher and stages branded live music events including the iHeartRadio Music Festival and iHeartRadio Music Awards.

The Davis Polk finance team included partner David Hahn and associates Aviv Avnon, Christina C. Bell, Davea Livingstone, Ian Kitts and Duan Xu. The tax team included partner Mario J. Verdolini. The environmental team included counsel Michael Comstock. The intellectual property and technology transactions team included partner Pritesh P. Shah. The sanctions team included counsel Will Schisa. Members of the Davis Polk team are based in the New York and Washington DC offices.