iHeartMedia prices upsized offering of 5.25% senior secured notes due 2027

|About: iHeartMedia, Inc. (IHRT)|By:, SA News Editor

iHeartCommunications, Inc., an indirect, wholly-owned subsidiary of iHeartMedia (NASDAQ:IHRT) upsized and priced an offering of $750M (from $500M) of 5.25% Senior Secured Notes due 2027.

The issuance and sale of the Notes is expected to be completed on August 7.

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.

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