Long-Term Debt and Other Credit Facilities (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

		Successor
	Interest Rate (a)	June 30, 2024		December 31, 2023
TLB	8.83 %	$	861	$	866
TLC	8.83 %	470		470
Secured Notes	8.63 %	1,200		1,200
PEDFA 2009B Bonds	5.25 %	50		50
PEDFA 2009C Bonds	5.25 %	81		81
Cumulus Digital TLF, including paid-in-kind interest (b)	— %	—		182
Total principal		2,662		2,849
Unamortized deferred finance costs and original issuance discounts		(36)		(29)
Total carrying value		2,626		2,820
Less: long-term debt, due within one year		9		9
Long-term debt		$	2,617	$	2,811

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(a)Computed interest rate as of June 30, 2024 (Successor).

(b)Limited recourse to TES and TEC. See “Guarantees and Other Assurances - Cumulus Digital Assurances” in Note 10 for additional information. The Cumulus Digital TLF was repaid and extinguished in March 2024. See “2024 Transactions – Cumulus Digital TLF Repayment” below for additional information.

Schedule of Maturities of Long-Term Debt

The aggregate long-term debt maturities, including amortization and early redemption provisions, as of June 30, 2024 (Successor) were:

	2024 (a)		2025		2026		2027		2028		Thereafter		Total
Total maturities	$	4	$	9	$	9	$	9	$	9	$	2,622	$	2,662

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(a)    For the period from July 1 through December 31, 2024.

Schedule of Line of Credit Facilities

		Successor
		June 30, 2024								December 31, 2023
	Expiration	Committed Capacity		Direct Cash Borrowings		LCs Issued		Unused Capacity		Direct Cash Borrowings		LCs Issued
RCF (a)	May 2028	$	700	$	—	$	60	$	640	$	—	$	62
TLC LCF (b)(c)	May 2030	470		—		310		160		—		404
Bilateral LCF (b)	May 2028	75		—		46		29		—		74
Total		$	1,245	$	—	$	416	$	829	$	—	$	540

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(a)Committed capacity includes $475 million of LC commitments. Outstanding direct cash borrowings under the RCF, when applicable, are presented as “Revolving credit facilities” on the Consolidated Balance Sheets.

(b)Direct cash borrowings are not permitted under the facility.

(c)These LCs are cash collateralized by $472 million as of June 30, 2024 (Successor) and December 31, 2023 (Successor), which is presented as “Restricted cash and cash equivalents” on the Consolidated Balance Sheets.