IHeart Kicks Off Debt Exchange Ahead of Expected Creditor Fight

Radio and podcast company, iHeartMedia Inc., started a contentious debt exchange offer Friday.

The tender from the highly leveraged firm includes four notes with maturities ranging from 2026 to 2028. The outstanding aggregate principal on the notes amounts to about $2.97 billion, Bloomberg-compiled data show. At the same time, the company started an exchange deal on its existing term loans, according to a statement.

A group of bondholders intends to fight the proposed debt exchange, potentially setting the stage for a hostile debt restructuring, Bloomberg reported last week, citing people with knowledge of the situation.

The increasingly fierce ...