Attached files
| file | filename |
|---|---|
| EX-99.6 - EX-99.6 - iHeartCommunications, Inc. | d531688dex996.htm |
| EX-99.5 - EX-99.5 - iHeartCommunications, Inc. | d531688dex995.htm |
| EX-99.4 - EX-99.4 - iHeartCommunications, Inc. | d531688dex994.htm |
| EX-99.2 - EX-99.2 - iHeartCommunications, Inc. | d531688dex992.htm |
| EX-99.1 - EX-99.1 - iHeartCommunications, Inc. | d531688dex991.htm |
| 8-K - 8-K - iHeartCommunications, Inc. | d531688d8k.htm |
Exhibit 99.3
Privileged and Confidential
Private Settlement Communication
Subject to FRE 408 and TRE 408 and Related Provisions
Term Sheet Provided by the Company to the Lenders on January 28, 2018
| Structure / Implementation | • Pre-packaged / Pre-arranged bankruptcy | |
| ABL | • Remains outstanding and / or refinanced at closing | |
| Term Loans and PGNs | Debt Consideration • $5.545bn new debt at recapitalized iHeart • 5-7 year maturity • Collateral in substantially all assets of recapitalized iHeart
Equity Consideration • 88.5% equity in recapitalized iHeart • 100.0% of iHeart’s ownership in Outdoor1 | |
| Junior Stakeholders | • $205mm new debt at recapitalized iHeart • 11.5% equity in recapitalized iHeart | |
| Management | • MIP to be negotiated | |
| Other | • Full and mutual releases • Treatment of Intercompany Note to be discussed | |
Notes: Tax analysis of proposed structure still under review by Kirkland & Ellis and the Company
| 1 | Reflects iHeartMedia’s ownership in Outdoor (e.g., 100% = 89.5% direct ownership). Assumes public stub remains outstanding. |