Company: IHETW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001400891-25-000009
Chunk: 153

Company: iHeartMedia, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 153
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 Unsecured Notes mature on May 1, 2027 and bear interest at a rate of 8.375% per annum, payable semi-annually in arrears on May 1 and November 1 of each year.On the Settlement Date, iHeartCommunications completed its previously announced exchange offers and consent solicitations whereby iHeartCommunications exchanged $844.0 million principal amount of the Unsecured Notes for $675.2 million principal amount of the Second Lien Notes. As of December 31, 2024, $72.4 million of the Unsecured 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 “Unsecured Notes Supplemental Indenture”) to the Unsecured Notes Indenture, to, among other things, eliminate substantially all of the restrictive covenants, certain events of default and certain other provisions contained in the Unsecured Notes Indenture, release the guarantees of the guarantors under the 2027 Unsecured Notes Indenture and eliminate related provisions.iHeartCommunications may redeem the Unsecured Notes at its option, in whole or in part, at the redemption prices set forth in the Unsecured Notes Indenture plus accrued and unpaid interest to the redemption date. 

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IHEARTMEDIA, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Future Maturities of Long-term DebtFuture maturities of long-term debt at December 31, 2024 are as follows:(in thousands)2025$22,501 202673,369 2027101,397 2028298,592 20292,777,540 Thereafter1,517,292 Total (1)$4,790,691 (1)Excludes original issue discount of $4.2 million, long-term debt fees of $9.0 million, and debt premium of $294.0 million which are amortized through interest expense over the life of the underlying debt obligations.Surety Bonds and Letters of CreditAs of December 31, 2024, iHeartCommunications had outstanding surety bonds and commercial standby letters of credit of $7.9 million and $23.7 million, respectively. These surety bonds and letters of credit relate to various operational matters including insurance, lease and performance bonds as well as other items.