San Antonio, TX, August 1, 2019 – iHeartMedia, Inc. (NASDAQ: IHRT) (the “Company”) announced today that its indirect, wholly-owned subsidiary, iHeartCommunications, Inc. (“iHeartCommunications”), upsized and priced an offering of $750,000,000 aggregate principal amount of 5.25% Senior Secured Notes due 2027 (the “Notes”), an upsize of $250,000,000 over the amount previously announced. The issuance and sale of the Notes is expected to be completed on August 7, 2019, subject to customary closing conditions.
The Notes will be guaranteed on a senior secured basis by iHeartCommunications’ direct parent, iHeartMedia Capital I, LLC, and the subsidiaries of iHeartCommunications that guarantee iHeartCommunications’ term loan facility. The Notes and the related guarantees will be secured, subject to permitted liens and certain other exceptions, by a first priority lien on substantially all of the assets of iHeartCommunications and the guarantors (other than accounts receivable and related assets), and by a second priority lien on accounts receivable and related assets.
iHeartCommunications intends to use the proceeds from the Notes, together with cash on hand, to prepay at par a portion of the outstanding borrowings under its term loan facility, to pay accrued and unpaid interest thereon to, but excluding, the date of prepayment, and to pay fees and expenses related to the offering of the Notes and the use of proceeds therefrom.| | | Next → |