iHeartMedia, Inc. Announces Voluntary $250 Million Prepayment of Term Loan Facilities and Repricing of Incremental Term Loan

NEW YORK-- June 22, 2021-- iHeartMedia, Inc. (Nasdaq: IHRT) (“iHeartMedia”) announced today that its indirect, wholly-owned subsidiary, iHeartCommunications, Inc., will voluntarily prepay a portion of both its $2,075 million Term Loan and its $447 million Incremental Term Loan, utilizing cash on hand, while concurrently repricing the Incremental Term Loan.

“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,” said Bob Pittman, Chairman and CEO of iHeartMedia “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.”

The prepayment, which will be applied to the two Term Loan facilities on a pro-rata basis, and the repricing, are each expected to close in mid-July, subject to customary closing conditions.

About iHeartMedia, Inc

iHeartMedia, Inc. [Nasdaq: IHRT] is the leading audio media company in America, reaching over 250 million people each month. It is number one in both broadcast and digital streaming radio as well as podcasting and audio ad tech, and includes three business segments: The iHeartMedia Multiplatform Group; the iHeartMedia Digital Audio Group; and the Audio and Media Services Group. Visit iHeartMedia.com for more company information.

Forward-Looking Statements

Certain statements herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances, such as statements about the timeline of iHeartMedia’s anticipated prepayment of our Term Loan facilities, the timeline and terms of iHeartMedia’s expected repricing of our Incremental Term Loan and iHeartMedia’s future uses of capital, are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other important factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to: risks related weak or uncertain global economic conditions; the impact of the COVID-19 pandemic; impact of iHeartMedia’s substantial indebtedness; impact of acquisitions, dispositions and other strategic transactions; and risks associated with iHeartMedia’s emergence from the Chapter 11 Cases. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date hereof. Additional risks that could cause future results to differ from those expressed by any forward-looking statement are described in the Company’s reports filed with the U.S. Securities and Exchange Commission, including in the section entitled “Item 1A. Risk Factors” of iHeartMedia, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

About iHeartMedia, Inc.

iHeartMedia (NASDAQ: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups.

With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any other media company in the U.S. Its leadership position in audio extends across multiple platforms, including more than 860 live broadcast stations in over 160 markets nationwide; its National Sales organization; and the company’s live and virtual events business. It also includes Premiere Networks, the industry’s largest Networks business, with its Total Traffic and Weather Network (TTWN); and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio suite of data targeting and attribution products using data from its massive consumer base.

The iHeartMedia Digital Audio Group includes the company’s fast-growing podcasting business -- iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings -- as well as its industry-leading iHeartRadio digital service, available across more than 250 platforms and 2,000 devices; the company’s digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint.

The company’s Audio & Media Services reportable segment includes Katz Media Group, the nation’s largest media representation company, and RCS, the world's leading provider of broadcast and webcast software.

Visit iHeartMedia.com for more company information.