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LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt outstanding for the Company as of March 31, 2023 and December 31, 2022 consisted of the following:
(In thousands)March 31, 2023December 31, 2022
Term Loan Facility due 2026$1,864,032 $1,864,032 
Incremental Term Loan Facility due 2026401,220 401,220 
Asset-based Revolving Credit Facility due 2027(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)
4,296 4,462 
Total consolidated secured debt4,319,548 4,319,714 
8.375% Senior Unsecured Notes due 2027(3)
1,100,366 1,120,366 
Other unsecured subsidiary debt— 52 
Original issue discount(9,828)(10,569)
Long-term debt fees(14,629)(15,396)
Total debt5,395,457 5,414,167 
Less: Current portion525 664 
Total long-term debt$5,394,932 $5,413,503 
(1)As of March 31, 2023, the ABL Facility had a borrowing base of $438.3 million, no outstanding borrowings and $25.0 million of outstanding letters of credit, resulting in $413.3 million of borrowing base availability.
(2)Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2024 through 2045.
(3)During the three months ended March 31, 2023, we repurchased $20.0 million aggregate principal amount of iHeartCommunications Inc.'s 8.375% Senior Unsecured Notes due 2027 for $15.4 million in cash, excluding accrued interest, via open market transactions. The repurchased notes were subsequently cancelled and retired, resulting in a gain on extinguishment of debt of $4.6 million.

The Company’s weighted average interest rate was 7.1% and 6.9% as of March 31, 2023 and December 31, 2022, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $4.5 billion and $4.8 billion as of March 31, 2023 and December 31, 2022, 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.

Surety Bonds and Letters of Credit
As of March 31, 2023, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $10.0 million and $25.4 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.