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IHeartMedia unit prices upsized notes offering

IHeartMedia Inc. unit iHeartCommunications Inc. priced an offering of $750 million of 5.25% senior secured notes due 2027.

The total principal amount of the offering includes an upsize of $250 million.

Proceeds from the offering, together with cash on hand, will be used to prepay a portion of the company's outstanding borrowings under its term loan facility, to pay accrued and unpaid interest and to pay fees and expenses related to the offering.

Completion of issuance and sale of iHeartCommunications' notes is expected Aug. 7, subject to customary closing conditions.