iHeartMedia To Offer IPO Upon Bankruptcy Exit
iHeartMedia revealed in a filing today with the Securities & Exchange Commission its intent to offer a Initial Public Offering of new Class A and Class B stock upon its upcoming exit from Chapter 11 bankruptcy.
iHeartMedia intends to use the proceeds from the stock sale to continue to pay down its debt, which will drop from $16 billion to $5.6 billion owed upon the exit from bankruptcy status. The company did not disclose the number of shares it was offering or set a price range for the offering.
The full IPO filing can be read here.