XML 24 R11.htm IDEA: XBRL DOCUMENT
v3.21.1

LONG-TERM DEBT | 3 Months Ended
--- | ---
Mar. 31, 2021
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBTLong-term debt outstanding for the Company as of March 31, 2021 and December 31, 2020 consisted of the following:
(In thousands) | March 31, 2021 |  | December 31, 2020
Term Loan Facility due 2026 | $ | 2,075,005 |  |  | $ | 2,080,259 |
Incremental Term Loan Facility due 2026 | 446,625 |  |  | 447,750 |
Asset-based Revolving Credit Facility due 2023(1) | — |  |  | — |
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) | 22,169 |  |  | 22,753 |
Total consolidated secured debt | 4,593,799 |  |  | 4,600,762 |
8.375% Senior Unsecured Notes due 2027 | 1,450,000 |  |  | 1,450,000 |
Other unsecured subsidiary debt | 270 |  |  | 6,782 |
Original issue discount | (18,020) |  |  | (18,817) |
Long-term debt fees | (21,063) |  |  | (21,797) |
Total debt | 6,004,986 |  |  | 6,016,930 |
Less: Current portion | 28,628 |  |  | 34,775 |
Total long-term debt | $ | 5,976,358 |  |  | $ | 5,982,155 |
(1)As of March 31, 2021, the senior secured asset-based revolving credit facility (the “ABL Facility”) had a borrowing base of $348.5 million, no outstanding borrowings and $32.1 million of outstanding letters of credit, resulting in $316.4 million of borrowing base availability. As a result of certain restrictions in the Company's debt and preferred stock agreements, as of March 31, 2021, approximately $178 million was available to be drawn upon under the ABL Facility. (2)Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2022 through 2045. The Company’s weighted average interest rate was 5.4% and 5.5% as of March 31, 2021 and December 31, 2020, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $6.2 billion as of March 31, 2021 and December 31, 2020. 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. Under the terms of the Term Loan Facility Credit Agreement, iHeartCommunications, Inc. ("iHeartCommunications") made quarterly payments of $6.4 million and $5.25 million during the three months ended March 31, 2021 and 2020, respectively. Mandatorily Redeemable Preferred Stock As previously disclosed, on March 14, 2018, the Company, iHeartCommunications and certain of the Company's direct and indirect domestic subsidiaries (collectively, the "Debtors") filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code, in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the "Bankruptcy Court"). On April 28, 2018, the Company and the other Debtors filed a plan of reorganization (as amended, the “Plan of Reorganization”) and a related disclosure statement with the Bankruptcy Court. On January 22, 2019, the Plan of Reorganization was confirmed by the Bankruptcy Court. On May 1, 2019 (the “Effective Date”), in accordance with the Plan of Reorganization, iHeart Operations issued 60,000 shares of its Series A Perpetual Preferred Stock, par value $0.001 per share (the "iHeart Operations Preferred Stock"), having an aggregate initial liquidation preference of $60.0 million for a cash purchase price of $60.0 million. The iHeart Operations Preferred Stock was purchased by a third party investor. As of March 31, 2021, the liquidation preference of the iHeart Operations Preferred Stock was $60.0 million. As further described below, the iHeart Operations Preferred Stock is mandatorily redeemable for cash at a date certain and therefore is classified as a liability in the Company's balance sheet. Holders of the iHeart Operations Preferred Stock are entitled to receive, as declared by the board of directors of iHeart Operations, in respect of each share, cumulative dividends accruing daily and payable quarterly. Dividends, if declared, will be payable on March 31, June 30, September 30 and December 31 of each year (or on the next business day if such date is not a business day). During the three months ended March 31, 2021 and 2020 the Company recognized $2.4 million and $1.8 million, respectively, of interest expense related to dividends on mandatorily redeemable preferred stock. Other than as set forth below, iHeart Operations may not redeem the iHeart Operations Preferred Stock at its option prior to the third anniversary of the issue date of the iHeart Operations Preferred Stock. Upon consummation of certain equity offerings, iHeart Operations may, at its option, redeem all or a part of the iHeart Operations Preferred Stock for the liquidation preference plus a make-whole premium. At any time on or after the third anniversary of the issue date, May, 1, 2022, the iHeart Operations Preferred Stock may be redeemed at the option of iHeart Operations, in whole or in part, for cash at a redemption price equal to the liquidation preference per share. The shares of iHeart Operations Preferred Stock include repurchase rights, pursuant to which the holders may require iHeartMedia or iHeartCommunications to purchase the iHeart Operations Preferred Stock after the fifth anniversary of the issue date. On the tenth anniversary of the issue date, the shares of iHeart Operations Preferred Stock will be subject to mandatory redemption for an amount equal to the liquidation preference. Surety Bonds, Letters of Credit and Guarantees As of March 31, 2021, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $8.3 million and $32.5 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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration