Company: IHETW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001400891-25-000009
Chunk: 151

Company: iHeartMedia, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 151
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, certain events of default and certain other provisions contained in the 2027 Secured Notes Indenture, release the guarantees of the guarantors under the 2027 Secured Notes Indenture and eliminate related provisions and release all liens on the Collateral securing the obligations under the 2027 Secured Notes Indenture and eliminate related provisions.iHeartCommunications may redeem the 2027 Secured Notes at its option, in whole or part, at the redemption prices set forth in the 2027 Secured Notes Indenture plus accrued and unpaid interest to the redemption date. 4.75% Senior Secured Notes due 2028On November 22, 2019, iHeartCommunications entered into an indenture (the “2028 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 $500.0 million aggregate principal amount of 2028 Secured Notes that were issued in a private placement to qualified institutional buyers under Rule 144A under the Securities Act, and to persons outside the United States pursuant to Regulation S under the Securities Act. The 2028 Secured Notes mature on January 15, 2028 and bear interest at a rate of 4.75% per annum. Interest is payable semi-annually on January 15 and July 15 of each year.On the Settlement Date, iHeartCommunications completed its previously announced exchange offers and consent solicitations whereby iHeartCommunications exchanged $223.1 million principal amount of the 2028 Secured Notes for $178.4 million principal amount of the 2031 First Lien Notes. As of December 31, 2024, $276.9 million of the 2028 Secured Notes remain on the Consolidated Balance Sheets.The 2028 Secured Notes are guaranteed on a senior secured basis by Capital I and the subsidiaries of iHeartCommunications that guarantee the New Debt. The 2028 Secured Notes and the related guarantees rank equally in right of payment with all of iHeartCommunications’ and the guarantors’ existing and future indebtedness that is not expressly subordinated to the 2028 Secured Notes, effectively equal with iHeartCommunications’ and the guarantors’ existing and future indebtedness secured by a first priority lien on the collateral securing the 2028 Secured Notes, effectively subordinated to