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IHeartMedia unit seeks consent to increase amount of debt under credit facilities

IHeartMediaInc. unit iHeartCommunications Inc. is seeking the consent ofholders of its outstanding senior notes due 2021 for a proposed amendment tothe indenture governing the notes.

The proposed amendment, if adopted, would increase theamount of debt under credit facilities by $500 million to about $17.27 billion,the company said Sept. 27.

The consent solicitation is scheduled to expire Oct. 3, unlessextended or earlier terminated. Holders of notes as of 5 p.m. ET on Sept. 26,who validly deliver their consents before the expiration time will receivetheir portion of an aggregate cash payment of $8.6 million.

Moelis & Co. LLC is acting as the solicitation agent forthe consent solicitation, while Global Bondholder Services Corp. is acting asthe tabulation agent and information agent.