iHeartMedia 2003 Annual Report Download - page 76

Download and view the complete annual report

Please find page 76 of the 2003 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 179

  • 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
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179

NOTE E — LONG-TERM DEBT
Long-term debt at December 31, 2003 and 2002 consisted of the following:
The bank credit facilities are supported by a limited subsidiary guaranty and a pledged intercompany note from AMFM Operating Inc., a
wholly-owned subsidiary of the Company. The limited subsidiary guaranty guarantees and the pledged intercompany note secures a portion of
the credit facility obligations. At December 31, 2003 the amounts of the limited subsidiary guaranty and pledged intercompany note were
$1.0 billion and $300.0 million, respectively. AMFM Operating Inc.’s 8% senior notes due 2008 are unsecured obligations of AMFM
Operating Inc. and rank equally in right of payment to the extent of the aforementioned guaranty of the Company’s bank credit facilities, and
senior in right of payment to on all other unsecured indebtedness of AMFM Operating Inc.
Bank Credit Facilities
The Company has two separate domestic bank 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.
The reductions in amounts available for future borrowings total $109.4 million per quarter in 2004, $131.3 million in the first quarter of 2005
and $381.3 million in the second quarter of 2005. At December 31, 2003, $610.5 million was outstanding and $339.5 million was available for
future borrowings. There were no outstanding letters of credit under this facility.
76
(In thousands) December 31,
2003 2002
Bank credit facilities $710,612 $2,152,265
Senior Notes:
2.625% Convertible Notes Due 2003 —517,581
7.25% Senior Notes Due 2003 — 736,975
7.875% Notes Due 2005 —750,000
6.5% Notes (denominated in Euro) Due 2005 818,805 681,603
6.0% Senior Notes Due 2006 750,000 750,000
3.125% Senior Notes Due 2007 250,000
—
4.625% Senior Notes Due 2008 500,000
—
6.625% Senior Notes Due 2008 125,000 125,000
4.25% Senior Notes Due 2009 500,000
—
7.65% Senior Notes Due 2010 750,000 750,000
4.40% Senior Notes Due 2011 250,000
—
5.0% Senior Notes Due 2012 300,000
—
5.75% Senior Notes Due 2013 500,000
—
4.9% Senior Notes Due 2015 250,000
—
6.875% Senior Debentures Due 2018 175,000 175,000
7.25% Debentures Due 2027 300,000 300,000
Original issue (discount) premium (4,479)
—
Fair value adjustments related to interest rate swaps 7,021 119,844
LiquidYieldOptionNotes —252,133
Various subsidiary level notes 688,097 1,272,746
Other long-term debt 194,956 195,475
7,065,012 8,778,622
Less: current portion 143,664 1,396,532
Total long-term debt $6,921,348 $7,382,090