iHeartMedia (fka Clear Channel)

restructured

Media — Bain Capital / Thomas H. Lee Partners

Deal Terms

Entry Year2008

Entry EV$26.7B

Entry Multiple12x

Leverage8x

Debt Amount$20B

Risk Metrics

LTV (est.)75%

Debt / EV0.75x

Notes

$26.7B LBO including debt (2008). Pre-LBO debt was $8B — ballooned to $20B+. Largest radio company (850+ stations). Filed Chapter 11 March 2018. Bain/THL broke even despite bankruptcy. Emerged 2019 reducing debt from $16.1B to $5.75B. PE turned radio into a debt servicing operation.

Sponsor

Bain Capital$185B AUM