iheartmedia completed a new credit agreement with TPG Specialty Lending consisting of a $300 million term loan and a $65 million revolving credit facility.

According to a related 8-K filing, TPG Specialty Lending served as a lender, administrative agent, and sole lead arranger. The credit agreement governs iHeartCommunications’ new asset-based term loan and revolving credit facility and replaces iHeartCommunications’ asset-based revolving credit facility dated December 24, 2012, which was fully paid off and terminated with borrowings under the credit agreement.

The new term loan facility consists of an initial term loan in the aggregate principal amount of $300 million and incremental term loans available to iHeartCommunications, at its request, from time to time. The revolving credit facility is an asset-based revolving credit facility, with amounts available from time to time. As of the credit agreement closing date, the aggregate revolving credit commitments are $250 million. Subject to certain conditions, iHeartCommunications may at any time request (i) one or more additional tranches of terms loans or increases of an existing tranche of term loans and (ii) one or more increases in the amount of revolving credit commitments, in minimum amounts of $25 million and in an aggregate maximum amount of $150 million.

The initial term loan and an aggregate amount of $65 million of revolving loans were made available on the credit agreement closing date, and were used to fully pay off and terminate iHeartCommunications’ asset-based credit facility governed by the existing credit agreement.