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LONG-TERM DEBT (Tables)
 12 Months Ended
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 debt4,600,762 4,322,263 
8.375% Senior Unsecured Notes due 2027
1,450,000 1,450,000 
Other unsecured subsidiary debt6,782 12,581 
Original issue discount(18,817)— 
Long-term debt fees(21,797)(19,428)
Total debt6,016,930 5,765,416 
Less: Current portion34,775 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 
202228,514 
202328,133 
202428,051 
202527,418 
Thereafter5,910,653 
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.