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Term Sheet Provided By Certain Debt Holders Of Iheart To Iheart On May 13, 2016

Confidentiality Agreement

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IHEARTCOMMUNICATIONS, INC.

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Title: TERM SHEET PROVIDED BY CERTAIN DEBT HOLDERS OF IHEART TO IHEART ON MAY 13, 2016
Date: 5/16/2016
Industry: Broadcasting and Cable TV     Sector: Services

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Exhibit 99.1

TERM SHEET PROVIDED BY CERTAIN DEBT HOLDERS OF IHEART TO IHEART ON MAY 13, 2016

Confidential Draft – Subject to Substantial Revision

Subject to Bankr. D. Del. L.R. 9019-5, FRE 408, TRE 408,

TCPRC 154.073, and Other Mediation and Settlement Privileges

Subject to Confidentiality Agreements, each Effective as of April 29, 2016

 

  

 

Term Loans

 

PGNs

 

 

 

Financial

Considerations 

 

•    50 bps interest rate reduction in each tranche upon achieving [$1bn] of discount captured in junior note exchange

 

•    1 year maturity extension on each tranche subject to discount captured threshold above

 

 

•    Same

 

 

 

Junior Debt

 

•    Ability to pay scheduled interest

 

•    Junior debt buyback cash allowance of $1.2bn (Any such repurchased debt is retired)

 

•    Ability to pay junior debt at maturity with identified source of funds, in excess of above $1.2bn allowance, if Total Consolidated Net Leverage 1 is below 9.00x

 

 

•    Same

 

 

 

Sources of funds 

 

•    Ability to use assets of Broader Media and CC Finco as security for up to $250mm of new borrowing

 

•    Participating secured holders to provide term sheet for such financing

 

•    Cash from inside and outside the restricted group

 

•   


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