Business
iHeartMedia, Inc. Announces Completion of Voluntary $250 Million Prepayment of Term Loan Facilities and Successful Repricing of Incremental Term Loan
NEW YORK--(BUSINESS WIRE)-- iHeartMedia, Inc. (Nasdaq: IHRT) (“iHeartMedia”) announced today that its indirect, wholly-owned subsidiary,
About this update from Iheartmedia, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\niHeartMedia, Inc. (Nasdaq: IHRT) (“iHeartMedia”) announced today that its indirect, wholly-owned subsidiary, iHeartCommunications, Inc., has successfully completed the previously announced voluntary prepayment of a portion of both its $2,070 million Term Loan and its $446 million Incremental Term Loan, utilizing cash on hand, while concurrently repricing the Incremental Term Loan at a new rate of LIBOR + 3.25%.\n\nThe prepayment was applied to the Term Loan and the Incremental Term Loan on a pro-rata basis, resulting in $206 million being used to prepay the Term Loan and $44 million to prepay the Incremental Term Loan. The interest rate on the remaining $402 million balance of the Incremental Term Loan was lowered by 100 basis points, including the impact of a 25 basis points LIBOR floor reduction. The prepayment and the new rate are expected to save iHeartMedia approximately $13 million in interest expense on an annualized basis.\n\nAbout iHeartMedia, Inc.\n\niHeartMedia, Inc. [Nasdaq: IHRT] is the leading audio media company in America, reaching over 250 million people each month. It is number one in both broadcast and digital streaming radio as well as podcasting and audio ad tech and includes three business segments: The iHeartMedia Multiplatform Group; the iHeartMedia Digital Audio Group; and the Audio and Media Services Group. Visit iHeartMedia.com for more company information.\n\nForward-Looking Statements\n\nCertain statements herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances, such as statements about the expected reduction in annual interest expense, are forward-looking statements. ...