iHeartMedia Closes On $250 Million Voluntary Partial Prepayment Of Term Loans
July 20, 2021 at 1:20 AM (PT)
iHEARTMEDIA's subsidiary, iHEARTCOMMUNICATIONS, INC., has closed on its voluntary prepayment of $250 million of its $2,075 million Term Loan and its $447 million Incremental Term Loan with cash on hand, and the concurrently repricing of the Incremental Term Loan at LIBOR + 3.25%.
Of that amount, $206 million went towards the prepayment of the Term Loan and $44 million was put towards the Incremental Term Loan. The move reduced the interest rate on the remaining $402 million balance of the Incremental Term Loan by 100 basis points, including 25 basis points from the LIBOR floor reduction. iHEARTMEDIA says that it will save about $13 million in interest yearly.