iHeartMedia emerged from Chapter 11 and completed its restructuring process, significantly reducing debt from $16.1 billion to $5.75 billion.
The U.S. Bankruptcy Court for the Southern District of Texas approved up to $450 million in DIP financing for iHeartMedia, which filed for Chapter 11 protection in March.
iHeartMedia filed a motion seeking to access a $450 million debtor-in-possession credit facility with an incremental accordion up to $100 million. Citibank will serve as administrative agent.
iheartmedia completed a new credit agreement with TPG Specialty Lending consisting of a $300 million term loan and a $65 million revolving credit facility.