iHeartCommunications prepays $150 million under term loan at par

By Wendy Van Sickle

Columbus, Ohio, Feb. 3 – iHeartCommunications Inc. prepaid at par $150 million of borrowings outstanding under its term loan facility with cash on hand on Monday, according to an 8-K filing with the Securities and Exchange Commission.

The prepayment as well as the previously announced 100 basis points reduction in the interest rate under the term loan, combined with refinancing transactions iHeartCommunications completed in August and November, are expected to result in an about $40 million reduction in annualized cash interest payments compared to the expected annualized cash interest payments indicated by the terms of the $5.8 billion of debt issued upon the company’s emergence from Chapter 11 bankruptcy on May 1, 2019, according to the filing.

iHeartCommunications is a San Antonio-based media company.

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