iHeartMedia 2009 Annual Report Download - page 122

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On January 15, 2008, Clear Channel redeemed its 4.625% senior notes at their maturity for $500.0 million with proceeds from its
bank credit facility. On June 15, 2008, Clear Channel redeemed its 6.625% Senior Notes at their maturity for $125.0 million with
available cash on hand.
Clear Channel terminated its cross currency swaps on July 30, 2008 by paying the counterparty $196.2 million from available cash on
hand.
On August 7, 2008, Clear Channel announced that it commenced a cash tender offer and consent solicitation for its outstanding
$750.0 million principal amount of 7.65% senior notes due 2010. The tender offer and consent payment expired on September 9,
2008. The aggregate principal amount of 7.65% senior notes validly tendered and accepted for payment was $363.9 million. Clear
Channel recorded a $21.8 million loss in “Other income (expense) — net” during the pre-merger period as a result of the tender.
Clear Channel repurchased $639.2 million aggregate principal amount of the AMFM Operating Inc. 8% senior notes pursuant to a
tender offer and consent solicitation in connection with the merger. The remaining 8% senior notes were redeemed at maturity on
November 1, 2008. The aggregate loss on the extinguishment of debt recorded in “Other income (expense) – net” in 2008 as a result
of the tender offer for the AMFM Operating Inc. 8% notes was $8.0 million.
On November 24, 2008, Clear Channel announced that it commenced another cash tender offer to purchase its outstanding 7.65%
Senior Notes due 2010. The tender offer and consent payment expired on December 23, 2008. The aggregate principal amount of
7.65% senior notes validly tendered and accepted for payment was $252.4 million. The Company recorded an aggregate gain on the
extinguishment of debt of $74.7 million in “Other income (expense) – net” during the post-merger period as a result of the tender
offer for the 7.65% senior notes due 2010.
During the second quarter of 2009, the Company redeemed the remaining principal amount of Clear Channel’s 4.25% senior notes at
maturity with a draw under the $500.0 million delayed draw term loan facility that is specifically designated for this purpose.
Future maturities of long-term debt at December 31, 2009 are as follows:
Excludes a negative purchase accounting fair value adjustment of $788.1 million, which is amortized through interest expense over
the life of the underlying debt obligations.
117
(1) Represents unamortized fair value purchase accounting discounts recorded as a result of the merger.
(2) CC Finco, LLC, and CC Finco II, LLC, repurchased certain of Clear Channel’s legacy notes, senior cash pay notes and
senior toggle notes at a discount, resulting in a gain on the extinguishment of debt.
(3) CC Finco II, LLC immediately cancelled these notes subsequent to the purchase.
(In thousands)
2010
$403,233
2011
873,035
2012
267,658
2013
457,355
2014
3,715,271
Thereafter
15,773,439
Total
$21,489,991
(1)
(1)