LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2020

Long-term debt outstanding for the Successor Company as of June 30, 2020 and December 31, 2019 consisted of the following:


(In thousands)	Successor Company
	June 30, 2020		December 31, 2019
Term Loan Facility due 2026⁽¹⁾⁽⁴⁾	$	2,090,765	$	2,251,271
Asset-based Revolving Credit Facility due 2023⁽²⁾⁽⁴⁾	235,000		—
6.375% Senior Secured Notes due 2026	800,000		800,000
5.25% Senior Secured Notes due 2027	750,000		750,000
4.75% Senior Secured Notes due 2028	500,000		500,000
Other secured subsidiary debt⁽³⁾	23,632		20,992
Total consolidated secured debt	4,399,397		4,322,263

8.375% Senior Unsecured Notes due 2027	1,450,000		1,450,000
Other unsecured subsidiary debt	6,312		12,581

Long-term debt fees	(18,587)		(19,428)
Total debt	5,837,122		5,765,416
Less: Current portion	30,061		8,912
Total long-term debt	$	5,807,061	$	5,756,504

(1)On February 3, 2020, iHeartCommunications made a $150.0 million prepayment using cash on hand and entered into an agreement to amend the Term Loan Facility to reduce the interest rate to LIBOR plus a margin of 3.00%, or the Base Rate (as defined in the Credit Agreement) plus a margin of 2.00% and to modify certain covenants contained in the Credit Agreement.

(2)On March 13, 2020, iHeartCommunications borrowed $350.0 million under the ABL Facility, the proceeds of which were invested as cash on the Balance Sheet. During the three months ended June 30, 2020, iHeartCommunications voluntarily repaid $115.0 million principal amount drawn under the ABL Facility. As of June 30, 2020, the ABL Facility had a borrowing base of $289.4 million and $235.0 million of outstanding borrowings and $41.2 million of outstanding letters of credit, resulting in $13.2 million of availability. Amounts available under the ABL Facility are calculated using a borrowing base calculated by reference to our outstanding accounts receivable. To the extent decreases in our accounts receivable result in the borrowing base decreasing to an amount below the amount drawn, we may be required to make a partial repayment of amounts outstanding under our ABL Facility.

(3)Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2021 through 2045.

(4)On July 16, 2020, iHeartCommunications issued $450.0 million of incremental term loans under the Amendment No. 2, resulting in net proceeds of $425.8 million, after original issue discount and debt issuance costs. A portion of the proceeds from the issuance was used to repay the remaining balance outstanding on the Company's ABL Facility of $235.0 million, with the remaining $190.6 million of the proceeds available for general corporate purposes.