Some Background Guidelines On Identifying Indispensable Aspects Of Commercial Funding

Resolution of Legal Issues: In May 2016, iHeart prevailed in a lawsuit with noteholders related to its transfer of 100 million shares of Clear Channel Outdoor Holdings, Inc. to Broader Media, LLC, a wholly owned subsidiary of iHeart that now owns 27.6% of CCOH. Fitch believes iHeart may be considering issuing debt at Broader Media secured by the shares, with potential uses to include offering existing iHeart bondholders the option to exchange their holdings into new Broader Media debt. Near-Term Maturities Reduced: iHeart completed several transactions over the past 18 months that reduced

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