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Term Sheet Provided By Iheart To Certain Of Its Debt Holders On May 15, 2016

Confidentiality Agreement

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 This Confidentiality Agreement involves

IHEARTCOMMUNICATIONS, INC.

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Title: TERM SHEET PROVIDED BY IHEART TO CERTAIN OF ITS DEBT HOLDERS ON MAY 15, 2016
Date: 5/16/2016
Industry: Broadcasting and Cable TV     Sector: Services

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Exhibit 99.2

TERM SHEET PROVIDED BY IHEART TO CERTAIN OF ITS DEBT HOLDERS ON MAY 15, 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

 

•    75 bps interest rate reduction in each tranche

 

•    1 year maturity extension on each tranche

 

 

•    Same

 

 

 

Specified Notes

 

•    Buyback cash allowance of $1.2bn for 2018 Notes and 2021 Notes (together the “ Specified Notes”) (Any such repurchased debt is retired) 1

 

•    Ability to pay Specified Notes at maturity with identified source of funds, in excess of above $1.2bn allowance, if Total Consolidated Net Leverage 2 is below 9.00x

 

•    Ability to pay scheduled interest

 

•    Company retains ability to use unsecured debt to refinance debt at maturity

 

 

•    Same

 

 

 

Sources of Funds for 

Buybacks of Specified Notes

 

•    Ability to use assets of Broader Media and CC Finco as security for up to $275mm of new borrowing

 

•    Participating secured holders to provide term sheet for such financing

 

•    Cash from inside and outside the restricted group

 

•    Proceeds from $325mm (and growth through builder) disposition basket

 

•    Restricted payment capacity

 

 

•    Same

 

 

 

Disposition Basket

 

•    Limits all future dispositions to within credit group, b


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