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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Long-term debt outstanding as of December 31, 2020 (Successor) and December 31, 2019 (Successor) consisted of the following:
(In thousands) | Successor Company
| December 31, 2020 |  | December 31, 2019
Term Loan Facility due 2026(1) | $ | 2,080,259 |  |  | $ | 2,251,271 |
Incremental Term Loan Facility due 2026(2) | 447,750 |  |  | — |
Asset-based Revolving Credit Facility due 2023(2)(3) | — |  |  | — |
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(2) | 22,753 |  |  | 20,992 |
Total consolidated secured debt | 4,600,762 |  |  | 4,322,263 |
8.375% Senior Unsecured Notes due 2027 | 1,450,000 |  |  | 1,450,000 |
Other unsecured subsidiary debt | 6,782 |  |  | 12,581 |
Original issue discount | (18,817) |  |  | — |
Long-term debt fees | (21,797) |  |  | (19,428) |
Total debt | 6,016,930 |  |  | 5,765,416 |
Less: Current portion | 34,775 |  |  | 8,912 |
Total long-term debt | $ | 5,982,155 |  |  | $ | 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 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. (3)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 second and third quarters of 2020, iHeartCommunications voluntarily repaid principal amounts outstanding under the ABL Facility. As of December 31, 2020, the ABL Facility had a facility size of $450.0 million, no principal amounts outstanding and $32.9 million of outstanding letters of credit, resulting in $417.1 million of excess availability. As a result of certain restrictions in the Company's debt and preferred stock agreements, as of December 31, 2020, approximately $172 million was available to be drawn upon under the ABL Facility. (4)Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2021 through 2045.
Schedule of Future Maturities of Long-term Debt | Future maturities of long-term debt at December 31, 2020 are as follows:
(in thousands) |
2021 | $ | 34,775 |
2022 | 28,514 |
2023 | 28,133 |
2024 | 28,051 |
2025 | 27,418 |
Thereafter | 5,910,653 |
Total (1)(2) | $ | 6,057,544 |
(1)Excludes purchase accounting adjustments and original issue discount of $18.8 million and long-term debt fees of $21.8 million, which are amortized through interest expense over the life of the underlying debt obligations. (2)Under the terms of the Term Loan Facility and Incremental Term Loan Facility, the Company is required to make quarterly prepayments of $6.4 million. Such prepayments are reflected in the table above.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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