iHeartMedia 2003 Annual Report Download - page 92
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NOTE O — SUBSEQUENT EVENTS
On January 12, 2004, the Company sold its investment in Univision Corporation for $599.4 million in proceeds. As a result, the Company
recorded a gain of $47.0 million in “Gain (loss) on marketable securities”. Proceeds were used to pay down the Company’s domestic credit
facilities.
On February 19, 2004, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per share on the Company’s Common
Stock. The dividend is payable on April 15, 2004 to shareholders of record at the close of business on March 31, 2004.
On February 25, 2004, the Company redeemed 454.4 million of its 6.5% senior notes due July 7, 2005, for 477.7 million plus accrued
interest. As a result of this redemption, the Company recorded a pre-tax loss of $30.3 million on the early extinguishment of debt. After this
redemption, 195.6 million of the 6.5% senior notes remain outstanding. The remaining notes outstanding continue to be designated as a hedge
of the Company’s net investment in Euro denominated assets. Additionally, on February 25, 2004, the Company entered into a United States
dollar — Eurodollar cross currency swap with a notional amount of 497.0 million. The swap requires the Company to make fixed interest
payments on the Euro notional amount while it receives fixed interest payments on the equivalent U.S. dollar notional amount, all on a semi-
annual basis. The Company has designated the swap as a hedge of its net investment in Euro denominated assets.
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not Applicable
ITEM 9A. Controls and Procedures
Our principal executive and financial officers have concluded, based on their evaluation as of the end of the period covered by this Form 10-
K, that our disclosure controls and procedures, as defined under Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, are
effective to ensure that information we are required to disclose in the reports we file or submit under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the SEC’s rules and forms, and include controls and procedures designed to
ensure that information we are required to disclose in such reports is accumulated and communicated to management, including our principal
executive and financial officers, as appropriate to allow timely decisions regarding required disclosure.
Subsequent to our evaluation, there were no significant changes in internal controls or other factors that could significantly affect these
internal controls.
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