iHeartCommunications Inc. $750 Million Offering of Senior Secured Notes
8/7/2019

Davis Polk advised the initial purchasers in connection with a Rule 144A/Regulation S offering by iHeartCommunications Inc., an indirect wholly owned subsidiary of iHeartMedia, Inc., of $750 million aggregate principal amount of 5.25% senior secured notes due 2027. The notes are guaranteed by iHeartCommunications’ direct parent and certain of its subsidiaries, and are secured by a first-priority lien on substantially all of iHeart’s assets (other than certain collateral securing an asset-based revolving credit facility), and a second-priority lien on the ABL collateral.

iHeart is a mass media corporation headquartered in San Antonio, Texas. The company owns more than 850 live broadcast radio stations and operates the iHeartRadio digital service across more than 250 platforms and 2,000 devices including smart speakers, smartphones, TVs and gaming consoles. iHeart is also a leading podcast publisher and stages branded live music events including the iHeartRadio Music Festival and iHeartRadio Music Awards.

The Davis Polk capital markets team included partners Michael Kaplan and Marcel Fausten and associates Dan Gibbons and Young-Min Cho. The finance team included partner Kenneth J. Steinberg, counsel David Hahn and associates David J. Kennedy and William Son. The tax team included partner Po Sit. All members of the Davis Polk team are based in the New York office.