- Audio media company iHeartMedia Inc's 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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