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iHM Proposes Private Offering of Senior Secured Notes


iHeartMedia
iHeartMedia

iHeartMedia has announced that its indirect, wholly-owned subsidiary, iHeartCommunications will offer $500 million of Senior Secured Notes due January, 2028 in a private offering that is exempt from registration under the Securities Act of 1933. The notes will be guaranteed on a senior secured basis by iHeartMedia Capital I LLC and the subsidiaries of iHC that guarantee iHeartCommunications' term loan facility.

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 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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