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 near-term maturities and improved liquidity. Most recently, in July 2016 the Broader Media LLC subsidiary repurchased roughly $383 million of aggregate principal of the 10% senior unsecured notes due 2018 at a discount for $222 million in cash. The repurchase will reduce annual interest expense by $38 million. The company now has $197 million in debt maturing in 2016 (Dec. 15th), $245 million in 2017 (including the $230 million outstanding under the ABL facility), and $564 million maturing in 2018 (down from $930 million due to recent open market repurchases). The next maturity wall is in 2019, when $8.3 billion matures. Levers to Address Maturities: iHeart has several levers to address near-term maturities.

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