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LONG-TERM DEBT | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt outstanding for the Company consisted of the following:
(In thousands) | September 30, 2024 |  | December 31, 2023
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) | 3,076 |  |  | 3,367 |
Total consolidated secured debt | 4,318,328 |  |  | 4,318,619 |
8.375% Senior Unsecured Notes due 2027 | 916,357 |  |  | 916,357 |
Other unsecured subsidiary debt | 2,191 |  |  | — |
Original issue discount | (5,213) |  |  | (7,558) |
Long-term debt fees | (9,816) |  |  | (12,268) |
Total debt | 5,221,847 |  |  | 5,215,150 |
Less: Current portion | 1,059 |  |  | 340 |
Total long-term debt | $ | 5,220,788 |  |  | $ | 5,214,810 |
(1)As of September 30, 2024, the ABL Facility had a facility size of $450.0 million, no outstanding borrowings and $23.7 million of outstanding letters of credit, resulting in $426.3 million of borrowing base availability. (2)Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2025 through 2045. The Company’s weighted average interest rate was 7.1% and 7.3% as of September 30, 2024 and December 31, 2023, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $3.9 billion and $4.2 billion as of September 30, 2024 and December 31, 2023, 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. As of September 30, 2024, the Company was in compliance with all covenants related to our debt agreements. On June 15, 2023, iHeartCommunications, Inc. ("iHeartCommunications"), a wholly-owned subsidiary of iHeartMedia, entered into an amendment to the credit agreement governing its term loan credit facilities (the "Term Loan Facility"). The amendment replaces the prior Eurocurrency interest rate, based upon LIBOR, with the Secured Overnight Financing Rate (“SOFR”) successor rate plus a SOFR adjustment as specified in the credit agreement. The Term Loan Facility margins remain the same with the Term Loan Facility due 2026 containing margins of 3.00% for Term SOFR Loans (as defined in the credit agreement) and 2.00% for Base Rate Loans (as defined in the credit agreement), and the incremental Term Loan Facility due 2026 containing margins of 3.25% for Term SOFR Loans with a floor of 0.50% and 2.25% for Base Rate Loans with a floor of 1.50%. As further described under Note 10, Subsequent Events, on November 6, 2024, the Company entered into a transaction support agreement (the "TSA") pursuant to which, among other transactions described in Note 10, certain lenders and holders (or their managers, advisors, or sub-advisors) of iHeartCommunications' outstanding notes and term loans (collectively, the "Supporting Holders") have agreed to the terms of, and to support, (i) exchange offer transactions that will be offered to all holders of the Company's Existing Debt (as defined in Note 10), consisting of two alternative exchange transaction structures, each of which will extend the maturity of the Existing Debt tendered in the exchange offer transactions by three years, and (ii) concurrent consent solicitations to amend certain provisions in the indentures and credit agreement governing the Existing Debt. In the first transaction structure, if certain thresholds of holder participation are met, iHeartCommunications will issue new secured debt in exchange for the Existing Debt held by participating holders. Alternatively, if certain thresholds of holder participation are not met, newly-formed subsidiaries of the Company holding certain transferred assets and an intercompany note (to be issued by iHeartMedia + Entertainment, Inc., a wholly owned subsidiary of iHeartCommunications) will issue new secured debt in exchange for the Existing Debt held by participating holders. Concurrently with entry into the TSA and as further described under Note 10, the Company also entered into an amendment to the ABL Facility to, among other things, permit both exchange transaction alternative and other related transactions, amend certain provisions and increase the interest rate on the ABL Facility by (a) if the first transaction is consummated, 0.50%, and (b) if the alternative transaction is consummated, 1.00%. Such amendments will become effective upon the satisfaction or waiver of certain conditions. Surety Bonds and Letters of Credit As of September 30, 2024, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $8.9 million and $23.7 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.

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