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NEW YORK-- June 22, 2021-- ����������Ƶ, Inc. (Nasdaq: IHRT) (“����������Ƶ”) 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 ����������Ƶ “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 ����������Ƶ, Inc

����������Ƶ, 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 ����������Ƶ Multiplatform Group; the ����������Ƶ Digital Audio Group; and the Audio and Media Services Group. Visit ����������Ƶ.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 ����������Ƶ, 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 ����������Ƶ’s anticipated prepayment of our Term Loan facilities, the timeline and terms of ����������Ƶ’s expected repricing of our Incremental Term Loan and ����������Ƶ’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 ����������Ƶ’s substantial indebtedness; impact of acquisitions, dispositions and other strategic transactions; and risks associated with ����������Ƶ’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 ����������Ƶ, 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.