iHeartMedia 2001 Annual Report Download - page 51

Download and view the complete annual report

Please find page 51 of the 2001 iHeartMedia annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 111

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111

51
Sources of Capital
As of December 31, 2001 and 2000 we had the following debt outstanding and cash and cash
equivalents:
(In millions)
December 31,
2001 2000
Credit facilities – domestic $ 1,419.3
$ 3,203.8
Credit facility – international 94.4
118.3
Senior convertible notes 1,575.0
1,575.0
Liquid Yield Option Notes 244.4
(a) 497.1
Long-term bonds 5,966.8
(b) 5,153.6
Other borrowings 183.0 117.0
Total Debt 9,482.9
(c) 10,664.8
Less: Cash and cash equivalents 154.7 196.8
$ 9,328.2 $ 10,468.0
(a) Includes $43.9 million in unamortized fair value purchase accounting adjustment premiums related to
the merger with Jacor Communications, Inc.
(b) Includes $66.5 million in unamortized fair value purchase accounting adjustment premiums related to
the merger with AMFM. Also includes $106.6 million related to fair value adjustments for interest
rate swap agreements.
(c) Total face value of outstanding debt was $9.4 billion at December 31, 2001.
Domestic Credit Facilities
We currently have three separate domestic credit facilities. These provide cash for both working
capital needs as well as to fund certain acquisitions.
The first credit facility is a reducing revolving credit facility, originally in the amount of $2.0
billion. At December 31, 2001, $920.0 million was outstanding and $773.8 million was available for
future borrowings. This credit facility began reducing on September 30, 2000, with quarterly reductions
in the amounts available for future borrowings to continue through the last business day of June 2005.
The second facility is a $1.5 billion, five-year multi-currency revolving credit facility. At
December 31, 2001, the outstanding balance was $499.3 million and, taking into account letters of credit
of $79.7 million, $921.0 million was available for future borrowings, with the entire balance to be repaid
by the last business day of June 2005.
The third facility is a $1.5 billion, 364-day revolving credit facility, which we have the option,
upon its August 28, 2002 maturity, to convert into a term loan with a three-year maturity. There was no
amount outstanding at December 31, 2001 and $1.5 billion was available for future borrowings.
During the year ended December 31, 2001, we made principal payments totaling $4.2 billion and
drew down $2.4 billion on these credit facilities. As of February 28, 2002, the credit facilities aggregate
outstanding balance was $1.4 billion and, taking into account outstanding letters of credit, $3.2 billion
was available for future borrowings.