Business
iHeartMedia, Inc. Announces Voluntary $250 Million Prepayment of Term Loan Facilities and 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., will voluntarily prepay a portion of both its $2,075 million Term Loan and its $447 million Incremental Term Loan, utilizing cash on hand, while concurrently repricing the Incremental Term Loan.\n\n“We are pleased to announce that we will voluntarily pay down $250 million of our Term Loan facilities, demonstrating the encouraging momentum we are seeing across all of our businesses,” said Bob Pittman, Chairman and CEO of iHeartMedia “at iHeart, we are committed to deleveraging and strengthening our balance sheet, reducing interest expense and further increasing our free cash flow while still maintaining ample liquidity. We continue to evaluate all possible opportunities to reduce our cost of capital, and we have taken advantage of the current favorable market conditions to reprice our Incremental Term Loan as well.”\n\nThe prepayment, which will be applied to the two Term Loan facilities on a pro-rata basis, and the repricing, are each expected to close in mid-July, subject to customary closing conditions.\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...