iHeartMedia To Prepay $250M Term Loan Facilities, Reprice Incremental Term Loan

Audio media company iHeartMedia Inc's (NASDAQ:IHRT) subsidiary, iHeartCommunications, Inc., will prepay a portion of its $2.1 billion term loan and its $447 million incremental term loan from cash on hand while simultaneously repricing the incremental term loan.
It will prepay $250 million of its term loan facilities.
iHeartMedia held $5.5 billion in net debt as of Mar. 31, 2021.
The company's Q1 revenue beat analyst estimates by 2.5% at $706.7 million. It missed the analyst EPS loss estimate by 232.7% at $(1.73).
Multiplatform Group revenue declined 20.9% Y/Y to $497.9 million.
Digital Audio Group revenue rose 69.8% Y/Y to $157.6 million.
Audio & Media Services Group revenue declined 8.5% Y/Y to $55.1 million.
IHRT shares have gained 101% year-to-date.
Price action: IHRT shares are up 0.08% at $26.11 on the last check Tuesday.