LONG-TERM DEBT

6 Months Ended

Jun. 30, 2025

Long-term debt outstanding for the Company consisted of the following:


(In thousands)	June 30, 2025		December 31, 2024
Asset-based Revolving Credit Facility due 2027(1)	$	100,000	$	—
Term Loan Facility due 2026	5,095		5,095
Incremental Term Loan Facility due 2026	1,500		1,500
Term Loan Facility due 2029(2)	2,134,995		2,145,724
6.375% Senior Notes due 2026	44,644		44,644
5.25% Senior Notes due 2027	6,983		6,983
8.375% Senior Unsecured Notes due 2027	72,388		72,388
4.75% Senior Secured Notes due 2028	276,868		276,868
9.125% First Lien Notes due 2029	717,588		717,588
7.75% First Lien Notes due 2030	661,285		661,285
7.00% First Lien Notes due 2031	178,443		178,443
10.875% Second Lien Notes due 2030	675,165		675,165
Other secured subsidiary debt	4,371		5,008
Long-term debt fees	(8,109)		(8,974)
Debt Premium(3)	266,302		289,752
Total Debt	5,137,518		5,071,469
Less: Current portion	73,726		22,501
Total long-term debt	$	5,063,792	$	5,048,968

(1)On May 22, 2025, iHeartCommunications borrowed $100.0 million under the ABL Facility, the proceeds of which were recorded as cash on the Balance Sheet as of June 30, 2025.

(2)Quarterly amortization payments of $5.4 million (equal to 0.25% of the original principal amount) are required per the terms of the Term Loan Facility due 2029.

(3)The difference between the carrying value of the exchanged 5.25% Senior Notes, 4.75% Senior Secured Notes, and 8.375% Senior Unsecured Notes and the principal amount of the 7.75% First Lien Notes due 2030, 7.00% First Lien Notes due 2031 and 10.875% Second Lien Notes due 2030 was recorded as debt premium and will be reduced as contractual interest payments are made.

The Company’s weighted average interest rate was 9.2% and 9.4% as of June 30, 2025 and December 31, 2024, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $3.7 billion and $4.1 billion as of June 30, 2025 and December 31, 2024, respectively. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as either Level 1 or Level 2. As of June 30, 2025, the Company was in compliance with all covenants related to our debt agreements.

Surety Bonds and Letters of Credit

As of June 30, 2025, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $8.5 million and $34.3 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

iHeartMedia, Inc. 10-Q