v3.26.1
LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt outstanding for the Company consisted of the following:
(In thousands)June 30, 2026December 31, 2025
Asset-based Revolving Credit Facility due 2027(1)
$125,000 $50,000 
Term Loan Facility due 2026(2)
— 5,095 
Incremental Term Loan Facility due 2026(2)
— 1,500 
Term Loan Facility due 2029(3)
2,113,538 2,124,267 
6.375% Senior Notes due 2026(2)
— 44,644 
5.25% Senior Notes due 2027
6,983 6,983 
8.375% Senior Unsecured Notes due 2027
72,388 72,388 
4.75% Senior Secured Notes due 2028
276,868 276,868 
9.125% First Lien Notes due 2029
717,588 717,588 
7.75% First Lien Notes due 2030
661,285 661,285 
7.00% First Lien Notes due 2031
178,443 178,443 
10.875% Second Lien Notes due 2030
675,165 675,165 
Other secured subsidiary debt4,810 3,934 
Long-term debt fees(6,306)(7,220)
Debt Premium(4)
217,257 242,151 
Total Debt5,043,019 5,053,091 
Less: Current portion95,825 73,429 
Total long-term debt$4,947,194 $4,979,662 
(1)During the six months ended June 30, 2026, iHeartCommunications borrowed $75.0 million under the ABL Facility. As of June 30, 2026, the ABL Facility had a borrowing base of $432.9 million, $125.0 million outstanding borrowings and $25.2 million of outstanding letters of credit, resulting in $282.7 million of borrowing base availability.
(2)On May 1, 2026, we repaid $51.2 million of outstanding debt, including repayments of the Term Loan Facility due 2026 for $5.1 million, the Incremental Term Loan Facility due 2026 for $1.5 million and the 6.375% Senior Notes due 2026 for $44.6 million.
(3)Quarterly amortization payments of $5.4 million (equal to 0.25% of the original principal amount) are required per the terms of the Term Loan Facility due 2029.
(4)The difference between the carrying value of the exchanged 5.25% Senior Notes, 4.75% Senior Secured Notes, and 8.375% Senior Unsecured Notes and the principal amount of the 7.75% First Lien Notes due 2030, 7.00% First Lien Notes due 2031 and 10.875% Second Lien Notes due 2030 was recorded as debt premium and will be reduced as contractual interest payments are made.
The Company’s weighted average interest rate was 8.9% and 9.0% as of June 30, 2026 and December 31, 2025, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $4.5 billion and $4.4 billion as of June 30, 2026 and December 31, 2025, respectively. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as either Level 1 or Level 2. As of June 30, 2026, the Company was in compliance with all covenants related to its debt agreements.
Surety Bonds and Letters of Credit

As of June 30, 2026, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $10.3 million and $25.2 million, respectively. These surety bonds and letters of credit relate to various operational matters including insurance, lease and performance bonds as well as other items.