LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2019

Long-term debt outstanding as of December 31, 2019 (Successor) and December 31, 2018 (Predecessor) consisted of the following:



(In thousands)	Successor Company			Predecessor Company
	December 31, 2019			December 31, 2018
Term Loan Facility due 2026^(1)(2)(3)	$	2,251,271		$	—
Debtors-in-Possession Facility⁽⁴⁾	—			—
Asset-based Revolving Credit Facility due 2023⁽⁴⁾	—			—
6.375% Senior Secured Notes due 2026	800,000			—
5.25% Senior Secured Notes due 2027⁽¹⁾	750,000			—
4.75% Senior Secured Notes due 2028⁽²⁾	500,000			—
Other secured subsidiary debt⁽⁵⁾	20,992			—
Total consolidated secured debt	4,322,263			—

8.375% Senior Unsecured Notes due 2027	1,450,000			—
Other unsecured subsidiary debt	12,581			46,105
Long-term debt fees	(19,428		)	—
Long-term debt, net subject to compromise⁽⁶⁾	—			15,149,477
Total debt, prior to reclassification to Liabilities subject to compromise	5,765,416			15,195,582
Less: Current portion	8,912			46,105
Less: Amounts reclassified to Liabilities subject to compromise	—			15,149,477
Total long-term debt	$	5,756,504		$	—


(1)	On August 7, 2019, iHeartCommunications issued $750.0 million of 5.25% Senior Secured Notes due 2027 (the “5.25% Senior Secured Notes”), the proceeds of which were used, together with cash on hand, to prepay at par $740.0 million of borrowings outstanding under the Term Loan Facility, plus $0.8 million of accrued and unpaid interest to, but not including, the date of prepayment.


(2)	On November 22, 2019, iHeartCommunications issued the 4.75% Senior Secured Notes, the proceeds of which were used, together with cash on hand, to prepay at par $500.0 million of borrowings outstanding under the Term Loan Facility, plus approximately $1.7 million of accrued and unpaid interest to, but not including, the date of prepayment.


(3)	On February 3, 2020, iHeartCommunications made a $150.0 million prepayment using cash on hand and entered into an agreement to amend the Term Loan Facility to reduce the interest rate to LIBOR plus a margin of 3.00%, or the Base Rate (as defined in the Credit Agreement) plus a margin of 2.00% and to modify certain covenants contained in the Credit Agreement.

(4)

The DIP Facility, which terminated with the emergence from the Chapter 11 Cases, provided for borrowings of up to $450.0 million. On the Effective Date, the DIP Facility was repaid and canceled and the Successor Company entered into the ABL Facility. As of December 31, 2019, the Successor Company had a facility size of $450.0 million under iHeartCommunications' ABL Facility, had no outstanding borrowings and had $48.1 million of outstanding letters of credit, resulting in $401.9 million of availability.


(5)	Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2020 through 2045.

(6)

In connection with the Company's Chapter 11 Cases, the Company's Predecessor long-term debt was reclassified to Liabilities subject to compromise in our Consolidated Balance Sheet as of December 31, 2018. As of the Petition Date, the Company ceased making principal and interest payments, and ceased accruing interest expense in relation to long-term debt reclassified as Liabilities subject to compromise.

Schedule of Future Maturities of Long-term Debt

Future maturities of long-term debt at December 31, 2019 are as follows:



(in thousands)
2020	$	8,912
2021	8,320
2022	2,802
2023	2,441
2024	2,334
Thereafter	5,760,035
Total ⁽¹⁾⁽²⁾	$	5,784,844


⁽¹⁾	Excludes long-term debt fees of $19.4 million, which are amortized through interest expense over the life of the underlying debt obligations.


⁽²⁾	Effective February 3, 2020 with the amendment to the Term Loan Facility, the Company is required to make quarterly prepayments of $5.3 million beginning in March 2020. In addition, the Company made a $150.0 million prepayment of the Term Loan Facility using cash on hand. Such prepayments are not reflected in the table above.