iHeartMedia announced Tuesday that it will voluntarily prepay a portion of both its $2 billion term loan and its $447 million incremental term loan, with cash, while also repricing its incremental term loan.
CEO Bob Pittman said, “We are pleased to announce that we will voluntarily pay down $250 million of our term loan facilities, demonstrating the encouraging momentum we are seeing across all of our businesses. At iHeart, we are committed to deleveraging and strengthening our balance sheet, reducing interest expense and further increasing our free cash flow while still maintaining ample liquidity. We continue to evaluate all possible opportunities to reduce our cost of capital, and we have taken advantage of the current favorable market conditions to reprice our incremental term loan as well.”
