iHeartMedia enters $450M ABL revolving credit facility, maturing May 2027

iHeartMedia, Inc.

New $450M senior secured ABL revolver refinances and replaces existing ABL facility.
No borrowings and $30.4M in letters of credit outstanding at closing on May 17, 2022.
Interest rates: SOFR + 1.25%-1.75% or base rate + 0.25%-0.75%, depending on availability.
Facility matures May 17, 2027; commitment fee 0.25%-0.375% on unused portion.
Existing ABL credit agreement terminated and liens released.

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