iHeartCommunications to sell $500 million eight-year notes on Monday; whisper is 5% area

By Paul A. Harris

Portland, Ore., Nov. 18 – iHeartCommunications, Inc. plans to price a $500 million offering of eight-year senior secured notes (expected ratings B1/BB-) in a quick-to-market Monday trade, according to market sources.

Price talk has the deal coming to yield in the 4 7/8% area, tight to early guidance in the 5% area, a trader said.

Books close at 1:30 p.m. ET on Monday, and the notes are set to price thereafter.

Morgan Stanley & Co. LLC is the bookrunner.

The Rule 144A for life and Regulation S notes become callable after three years at par plus 50% of the coupon.

The San Antonio-based mass media company plans to use the proceeds, together with cash on hand, to prepay $500 million of term loan debt at par.

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