iHeartMedia draws down $350 million on asset-based revolver

By Sarah Lizee

Olympia, Wash., March 26 – iHeartMedia, Inc. drew down $350 million on its $450 million senior secured asset-based revolving credit facility on March 13 as a precautionary measure to preserve financial flexibility in light of the current uncertainty in the global economy resulting from Covid-19, according to a press release.

The proceeds will be available if needed to fund iHeartCommunications’ future working capital requirements or other general corporate purposes.

“We believe that the additional funds from drawing on our ABL facility, in combination with our cash balance, provides us with a prudent level of liquidity at this time,” Rich Bressler, iHeart’s president, chief operating officer and chief financial officer, said in the release.

iHeartMedia is a San Antonio-based audio company.

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