XML 42 R23.htm IDEA: XBRL DOCUMENT
v3.23.2

LONG-TERM DEBT (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Outstanding | Long-term debt outstanding for the Company as of June 30, 2023 and December 31, 2022 consisted of the following:
(In thousands) | June 30, 2023 |  | December 31, 2022
Term Loan Facility due 2026 | $ | 1,864,032 |  |  | $ | 1,864,032 |
Incremental Term Loan Facility due 2026 | 401,220 |  |  | 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) | 3,618 |  |  | 4,462 |
Total consolidated secured debt | 4,318,870 |  |  | 4,319,714 |
8.375% Senior Unsecured Notes due 2027(3) | 1,020,457 |  |  | 1,120,366 |
Other unsecured subsidiary debt | — |  |  | 52 |
Original issue discount | (9,080) |  |  | (10,569) |
Long-term debt fees | (13,852) |  |  | (15,396) |
Total debt | 5,316,395 |  |  | 5,414,167 |
Less: Current portion | 440 |  |  | 664 |
Total long-term debt | $ | 5,315,955 |  |  | $ | 5,413,503 |
(1)As of June 30, 2023, the ABL Facility had a borrowing base of $444.5 million, no outstanding borrowings and $24.9 million of outstanding letters of credit, resulting in $419.6 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 June 30, 2023, the Company repurchased $79.9 million aggregate principal amount of iHeartCommunications Inc.'s 8.375% Senior Unsecured Notes due 2027 for $57.0 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 $22.9 million. During the six months ended June 30, 2023, the Company repurchased $99.9 million aggregate principal amount of iHeartCommunications Inc.'s 8.375% Senior Unsecured Notes due 2027 for $72.4 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 $27.5 million. During the three and six months ended, June 30, 2022, the Company repurchased $113.5 million aggregate principal amount of iHeartCommunications Inc.'s 8.375% Senior Unsecured Notes due 2027 for $105.3 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 $8.2 million.

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 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
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration