Tue 08/22/2023 19:37 PM
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Learfield is soliciting lender participation to restructure the company’s debt out of court, according to sources. The proposal, which has over 90% of term loan lenders on board, would reinstate existing debt at 55 cents on the dollar, resulting in a new $500 million loan due 2028, the sources said. The resulting leverage would be around 4x to 5x. The remaining 45% of existing debt would be equitized.

In addition, lenders will have the right to participate in a $150 million rights offering...
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