XML 22 R11.htm IDEA: XBRL DOCUMENT v3.25.3
LONG-TERM DEBT
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt outstanding for the Company consisted of the following:
(In thousands)September 30, 2025December 31, 2024
Asset-based Revolving Credit Facility due 2027(1)
$100,000 $— 
Term Loan Facility due 20265,095 5,095 
Incremental Term Loan Facility due 20261,500 1,500 
Term Loan Facility due 2029(2)
2,129,631 2,145,724 
6.375% Senior Notes due 2026
44,644 44,644 
5.25% Senior Notes due 2027
6,983 6,983 
8.375% Senior Unsecured Notes due 2027
72,388 72,388 
4.75% Senior Secured Notes due 2028
276,868 276,868 
9.125% First Lien Notes due 2029
717,588 717,588 
7.75% First Lien Notes due 2030
661,285 661,285 
7.00% First Lien Notes due 2031
178,443 178,443 
10.875% Second Lien Notes due 2030
675,165 675,165 
Other secured subsidiary debt4,094 5,008 
Long-term debt fees(7,667)(8,974)
Debt Premium(3)
254,317 289,752 
Total Debt5,120,334 5,071,469 
Less: Current portion73,708 22,501 
Total long-term debt$5,046,626 $5,048,968 
(1)On May 22, 2025, iHeartCommunications borrowed $100.0 million under the ABL Facility, the proceeds of which were recorded as cash on the Balance Sheet as of September 30, 2025.
(2)Quarterly amortization payments of $5.4 million (equal to 0.25% of the original principal amount) are required per the terms of the Term Loan Facility due 2029.
(3)The difference between the carrying value of the exchanged 5.25% Senior Notes, 4.75% Senior Secured Notes, and 8.375% Senior Unsecured Notes and the principal amount of the 7.75% First Lien Notes due 2030, 7.00% First Lien Notes due 2031 and 10.875% Second Lien Notes due 2030 was recorded as debt premium and will be reduced as contractual interest payments are made.
The Company’s weighted average interest rate was 9.2% and 9.4% as of September 30, 2025 and December 31, 2024, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $4.1 billion as of both September 30, 2025 and December 31, 2024. 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, 2025, the Company was in compliance with all covenants related to our debt agreements.

Surety Bonds and Letters of Credit
As of September 30, 2025, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $9.4 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.