iHeartMedia 2004 Annual Report Download - page 47

Sources of Capital
As of December 31, 2004 and 2003, we had the following debt outstanding and cash and cash equivalents:
Credit Facility
As of December 31, 2004, we had a multi-currency revolving credit facility in the amount of $1.75 billion. This facility can be used for
general working capital purposes including commercial paper support as well as to fund capital expenditures, share repurchases, acquisitions
and the refinancing of public debt securities. Our prior $1.5 billion five-year multi-currency revolving credit facility was repaid in its entirety
and terminated at the same time we entered into this new facility. At December 31, 2004, the outstanding balance on this facility was
$350.5 million and, taking into account letters of credit of $162.6 million, $1.2 billion was available for future borrowings, with the entire
balance to be repaid on July 12, 2009.
On July 30, 2004, our $150.0 million five-year revolving credit facility with a group of international banks was paid in full through
borrowings under our new $1.75 billion five-year, multi-currency revolving credit facility. The $150.0 million five-year revolving credit
facility was then terminated on August 6, 2004. Subsidiary borrowers under this facility became designated subsidiary borrowers under a
$150.0 million sublimit that is part of the $1.75 billion credit facility
On December 16, 2004, we paid the outstanding balance in its entirety and terminated our reducing revolving credit facility, which was
originally in the amount of $2.0 billion.
During the year ended December 31, 2004, we made principal payments totaling $5.5 billion and drew down $5.1 billion on the credit
facilities. As of February 28, 2004, the credit facility’s outstanding balance was $575.2 million and, taking into account outstanding letters of
credit, $1.0 billion was available for future borrowings.
Long-Term Bonds
On December 13, 2004, we completed a debt offering of $250.0 million 5.5% notes due December 15, 2016. Interest is payable on June 15
and December 15. The aggregate net proceeds of approximately $247.1 million were used to repay borrowings outstanding under our bank
credit facilities.
On November 17, 2004, we completed a debt offering of $250.0 million 4.5% notes due January 15, 2010. Interest is payable on January 15
and July 15. The aggregate net proceeds of approximately $248.4 million were used to repay borrowings outstanding under our bank credit
facilities.
On September 15, 2004, we completed a debt offering of $750.0 million 5.5% notes due September 15, 2014. Interest is payable on
March 15 and September 15. The aggregate net proceeds of approximately $743.1 million were used to repay borrowings outstanding under
our bank credit facilities and for general corporate purposes.
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December 31,
(In millions) 2004 2003
Credit facilities $350.5 $710.6
Long-term bonds (a) 6,846.1 6,159.4
Other borrowings 183.2 195.0
Total Debt 7,379.8 7,065.0
Less: Cash and cash equivalents 210.5 123.3
$7,169.3 $6,941.7
(a) Includes $13.8 million and $16.8 million in unamortized fair value purchase accounting adjustment premiums related to the merger with
AMFM at December 31, 2004 and 2003, respectively. Also includes $6.5 million and $7.0 million related to fair value adjustments for
interest rate swap agreements at December 31, 2004 and 2003, respectively.