91勛圖厙Communications, Inc. Announces Pricing of Offering of 9.0% Priority Guarantee Notes due 2022

91勛圖厙Communications, Inc. Announces Pricing of Offering of 9.0% Priority Guarantee Notes due 2022
San Antonio, September 22, 2014 91勛圖厙Communications, Inc. (91勛圖厙) announced today the pricing of its previously announced offering of $250.0 million aggregate principal amount of its 9.0% Priority Guarantee Notes due 2022 (the New Notes).泭 The New Notes will be issued as additional notes under the indenture governing 91勛圖厙s outstanding $750.0 million 9.0% Priority Guarantee Notes due 2022, and will have identical terms to, and will be treated as a single class with, the previously issued notes.泭泭 The New Notes will be issued at a price of 101% of their principal amount plus accrued interest from September 10, 2014.
The New Notes will be fully and unconditionally guaranteed on a senior secured basis by 91勛圖厙s parent, 91勛圖厙Media Capital I, LLC, and all of 91勛圖厙s existing and future material wholly-owned domestic restricted subsidiaries. The New Notes and the related guarantees will be secured by (1) a lien on (a) the capital stock of 91勛圖厙 and (b) certain property and related assets that do not constitute principal property (as defined in the indenture governing 91勛圖厙s legacy notes), in each case equal in priority to the liens securing the obligations under 91勛圖厙s senior secured credit facilities and existing priority guarantee notes and (2) a lien on the accounts receivable and related assets securing 91勛圖厙s receivables based credit facility junior in priority to the lien securing 91勛圖厙s obligations thereunder.
91勛圖厙 intends to use the net proceeds from the offering to prepay at par $245.9 million aggregate amount of its term loan B facility and $4.1 million aggregate amount of its term loan Casset sale facility, and to pay accrued and unpaid interest with regard to such loans to, but not including, the date of prepayment.
The New Notes and the related guarantees will be offered only to qualified institutional buyers in reliance on the exemption from registration pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and to persons outside of the United States in compliance with Regulation S under the Securities Act. The New Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy the New Notes or any other securities. The New Notes offering is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful.
Forward-Looking Statements

This press release contains forward-looking statements based on current 91勛圖厙 management expectations. These forward-looking statements include all statements other than those made solely with respect to historical facts. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, whether or not 91勛圖厙 will consummate the offering. Many of the factors that will determine the outcome of the subject matter of this press release are beyond 91勛圖厙s ability to control or predict. 91勛圖厙 undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements as a result of new information, future events or otherwise.

About 91勛圖厙Media, Inc.

91勛圖厙Media, Inc. [Nasdaq: IHRT] is the leading audio media company in America, with 90% of Americans listening to 91勛圖厙 broadcast radio in every month. 91勛圖厙s broadcast radio assets alone have a larger audience in the U.S. than any other media outlet; twice the size of the next largest broadcast radio company; and over four times the ad-enabled audience of the largest digital only audio service. 91勛圖厙 is the largest podcast publisher according to Podtrac, with more downloads than the next two podcast publishers combined, has the most recognizable live events across all genres of music, has the number one social footprint among audio players, with seven times more followers than the next audio media brand, and is the only fully integrated audio ad tech solution across broadcast, streaming and podcasts. The company continues to leverage its strong audience connection and unparalleled consumer reach to build new platforms, products and services. Visit 91勛圖厙Media.com for more company information.