iHeartCommunications, Inc. $3.95 Billion Exit Credit Facilities

Davis Polk advised (i) the lead arrangers and the administrative agent in connection with a $450 million senior secured asset based revolving credit facility for iHeartCommunications, Inc. and (ii) the administrative agent in connection with an approximately $3.5 billion senior secured term loan facility for iHeart. The facilities were entered into in connection with iHeart’s emergence from chapter 11 proceedings pursuant a plan of reorganization that was approved by the United States Bankruptcy Court for the Southern District of Texas.

iHeart is a mass media corporation headquartered in San Antonio, Texas, with primary operations in radio broadcasting and outdoor advertising. The company is the largest radio station group owner in the United States, operating 855 radio stations that reach more than 110 million listeners every week and producing 100 syndicated radio programs serving approximately 5,900 radio affiliates. 

The Davis Polk finance team included partner Kenneth J. Steinberg, counsel David Hahn and associates David J. Kennedy and William Son. The Davis Polk restructuring team included partner Eli J. Vonnegut and associates Stephen D. Piraino and Samuel A. Wagreich. Counsel Ethan R. Goldman and associate Jonathan Saltz provided tax advice. Counsel Will Schisa provided sanctions advice. Members of the Davis Polk team are based in the New York and Washington DC offices.