Global private equity giant Silver Lake Partners is reportedly seeking to invest $500 million into bankrupt communications firm iHeartMedia.

According to a report in The Wall Street Journal, Silver Lake extended the overture to iHeart's largest creditor group, led by Franklin Mutual Advisers Inc. and Pacific Investment Management Co.

The paper cites sources familiar with the matter, noting that the investment would come through "convertible preferred shares," a hybrid security instrument between debt and equity. Convertible preferred stock is preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually any time after a predetermined date.

Neither company would comment on the proposed investment.

Silver Lake, which was launched in 1999 at the height of the tech boom by a team that included a former Oracle executive, has offices in five countries and is known for its investments in media and technology firms. The company holds stakes in Broadcom, Dell, Alibaba, GoDaddy, Skype and Symantec, among other companies.
 
As ABL Advisor previously reported, iHeartMedia filed for Chapter 11 in March, seeking to restructure more than $10 billion in debt.