iHeartMedia Subsidiary Increases Private Offering To $750 Million In Notes To Prepay Debt

Offering

iHEARTMEDIA's iHEARTCOMMUNICATIONS, INC. subsidiary, which early THURSDAY (8/1) announced that it is offering $500 million in Senior Secured Notes due 2027 in a private offering to raise money to prepay existing debt, increased the offering to $750 million and priced the offering late in the same day. The placement is expected to be completed by next WEDNESDAY (8/7).

The notes, offered to qualified institutional buyers, will be guaranteed on a senior secured basis by direct parent iHEARTMEDIA CAPITAL I, LLC and the iHEARTCOMMUNICATIONS subsidiaries that guarantee iHEARTCOMMUNICATIONS’ term loan facility, secured by a first priority lien on iHEARTCOMMUNICATIONS assets and a second priority lien on accounts receivable and related assets.

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