iHeartMedia 2000 Annual Report Download - page 70

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Multi-Currency Revolving Line of Credit Facility
The Company had a 364-day multi-currency revolving credit facility for $1.0 billion. On August 30,
2000, in conjunction with the closing of the new $1.5 billion credit facility, the Company repaid all
outstanding borrowings and terminated the facility.
Senior Notes
All fees and initial offering discounts are being amortized as interest expense over the life of the note.
The aggregate face value and market value of the senior notes was approximately $5.3 billion and $5.2
billion, respectively at December 31, 2000.
1.5% Convertible Notes: The notes are convertible into the Company’ s common stock at any time
following the date of original issuance, unless previously redeemed, at a conversion price of $105.82 per
share, subject to adjustment in certain events. The Company has reserved 9,453,582 of its common stock
for the conversion of these notes.
2.625% Convertible Notes: The notes are convertible into the Company’ s common stock at any time
following the date of original issuance, unless previously redeemed, at a conversion price of $61.95 per
share, subject to adjustment in certain events. The Company has reserved 9,281,679 of its common stock
for the conversion of these notes. The notes are redeemable, in whole or in part, at the option of the
Company at any time on or after April 1, 2001 and until March 31, 2002 at 101.050%; on or after April 1,
2002 and until March 31, 2003 at 100.525%; and on or after April 1, 2003 at 100%, plus accrued interest.
Various Subsidiary Level Notes
The aggregate face value and market value of the various subsidiary level notes was approximately $1.4
billion at December 31, 2000.
Notes assumed in Jacor Merger: On December 14, 1999 the Company completed a tender offer for the
10.125% senior subordinated notes due June 15, 2006; 9.75% senior subordinated notes due December
15, 2006; 8.75% senior subordinated notes due June 15, 2007; and 8.0% senior subordinated notes due
February 15, 2010. An agent acting on behalf of the Company redeemed notes with a face value of
approximately $516.6 million and a redemption value of $570.4 million. Cash settlement of the amount
due to the agent was completed on January 14, 2000 and was funded through the Company’ s credit
facilities. Including premiums, discounts, and agency fees, the Company recognized approximately $13.2
million as an extraordinary charge against net income, net of tax of approximately $8.1 million. After
redemption, approximately $1.0 million of the notes remain outstanding at December 31, 2000.
Notes assumed in SFX Merger: On October 10, 2000, the Company, launched a tender offer for any and
all of its 9.125% Senior Subordinated Notes due 2008. An agent acting on the Company’ s behalf
redeemed notes with a redemption value of approximately $602.9 million. Cash settlement of the amount
due to the agent was completed in November 2000. After redemption, approximately $1.6 million of the
notes remain outstanding at December 31, 2000.
Notes assumed in AMFM Merger: On September 29, 2000, the Company redeemed all of the outstanding
9% Senior Subordinated Notes due 2008, originally issued by Chancellor Media Corporation or one of its
subsidiaries, for $829.0 million subject to change of control provisions in the indentures. In October, the
Company redeemed, also subject to change of control provisions in the indentures, all of the outstanding
9.25% Senior Subordinated Notes due 2007, originally issued by Capstar Radio Broadcasting Partners,
Inc. the 12% Exchange Debentures due 2009, originally issued by Capstar Broadcasting Partners, Inc. and
the 12.75% Senior Discount Notes due 2009, originally issued by Capstar Broadcasting Partners, Inc., for
a total of $508.5 million. On October 6, 2000, the Company made payments of $231.4 million pursuant
to mandatory offers to repurchase due to a change of control on the following series of AMFM debt: 8%