Company: IHETW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001400891-25-000009
Chunk: 149

Company: iHeartMedia, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 149
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Communications’ ABL Facility.PrepaymentsThe Existing Term Loan Credit Agreement Amendment eliminated substantially all of the mandatory prepayment provisions applicable to the 2026 Term Loan Facilities. Subject to the applicable covenants in the New Debt, iHeartCommunications may voluntarily repay outstanding loans under the 2026 Term Loan Facilities at any time, without prepayment premium or penalty, subject to customary “breakage” costs with respect to term SOFR loans. Certain Covenants and Events of DefaultThe 2026 Term Loan Facilities do not include any financial covenants. The Existing Term Loan Credit Agreement Amendment eliminated substantially all of the restrictive covenants applicable to the 2026 Term Loan Facilities. The 2026 Term Loan Facilities continue to include certain limited representations and warranties and events of default. If an event of default occurs, the lenders under the 2026 Term Loan Facilities are entitled to take various actions, including the acceleration of all amounts due under the 2026 Term Loan Facilities and all actions permitted to be taken under the loan documents relating thereto or applicable law.6.375% Senior Secured Notes due 2026On May 1, 2019, iHeartCommunications entered into an indenture (the “2026 Secured Notes Indenture”) with Capital I, as guarantor, the subsidiary guarantors party thereto, and U.S. Bank National Association, as trustee and collateral agent, governing the $800.0 million aggregate principal amount of 2026 Senior Notes that were issued to certain Claimholders pursuant to the Plan of Reorganization. The 2026 Senior Notes mature on May 1, 2026 and bear interest at a rate of 6.375% per annum, payable semi-annually in arrears on February 1 and August 1 of each year.On the Settlement Date, iHeartCommunications completed its previously announced exchange offers and consent solicitations whereby iHeartCommunications exchanged $755.4 million principal amount of the 2026 Secured Notes for $717.6 million principal amount of the 2029 First Lien Notes and cash consideration of $37.6 million. As of December 31, 2024, $44.6 million of the 2026 Secured Notes remain on the Consolidated Balance Sheets.In connection with the completed exchange offers, iHeartCommunications and the Guarantors entered into the Second Supplemental Indenture (the “2026 Secured Notes Supplemental Indent