iHeartMedia 2001 Annual Report Download - page 83

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83
NOTE D - LONG-TERM DEBT
Long-term debt at December 31, 2001 and 2000 consisted of the following:
(In thousands)
December 31,
2001 2000
Revolving line of credit facilities $ 1,419,324 $ 3,203,756
Senior Notes:
1.5% Convertible Notes Due 2002 1,000,000 1,000,000
Floating Rate Notes Due 2002 250,000 250,000
2.625% Convertible Notes Due 2003 574,991 575,000
7.25% Senior Notes Due 2003 750,000 750,000
7.875% Notes Due 2005 750,000 750,000
6.5% Notes (denominated in Euro) Due 2005 578,175 612,560
6.0% Senior Notes Due 2006 750,000
6.625% Senior Notes Due 2008 125,000 125,000
7.65% Senior Notes Due 2010 750,000 750,000
6.875% Senior Debentures Due 2018 175,000 175,000
7.25% Debentures Due 2027 300,000 300,000
Fair value adjustments related to interest rate swaps 106,649
Liquid Yield Option Notes 244,367 497,054
Various subsidiary level notes 1,432,402 1,441,070
Other long-term debt 277,026 235,378
9,482,934 10,664,818
Less: current portion 1,515,221 67,736
Total long-term debt $ 7,967,713 $10,597,082
Revolving Line of Credit Facilities
The Company has three separate revolving line of credit facilities. Interest rates for each facility are
based upon a prime, LIBOR, or Federal Funds rate selected at the Company’s discretion, plus a margin.
The first facility is a reducing revolving line of credit, originally in the amount of $2.0 billion that
matures June 30, 2005. Beginning September 30, 2000, commitments under this facility began reducing
on a quarterly basis and as a result principal repayments may be required to the extent borrowings would
otherwise exceed the available level of commitments. At December 31, 2001, $920.0 million was
outstanding and $773.8 million was available for future borrowings. There were no outstanding letters of
credit under this facility.
The second facility is a $1.5 billion multi-currency credit facility that matures August 30, 2005. At
December 31, 2001, $499.3 million was outstanding, and there were $79.7 million of letters of credit
outstanding, which reduces availability. At December 31, 2001, $921.0 million was available for future
borrowings.
The third facility is a $1.5 billion 364-day revolving credit facility that matures August 28, 2002. The
Company has the option upon maturity to convert this facility into a term loan with a three-year maturity.
At December 31, 2001, the outstanding balance was $0 million and $1.5 billion was available for future
borrowings. There were no outstanding letters of credit under this facility.