iHeartMedia 2007 Annual Report Download - page 53

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Uses of Capital
Dividends
Our Board of Directors declared quarterly cash dividends as follows:
(In millions, except per share data)
Debt Maturity and Net Proceeds Offer
On February 1, 2007, we redeemed our 3.125% Senior Notes at their maturity for $250.0 million plus accrued interest with proceeds
from our bank credit facility.
On November 13, 2007 AMFM Operating Inc., or AMFM, our wholly-owned subsidiary, redeemed $26.4 million of its 8% senior notes
pursuant to a Net Proceeds Offer (as defined in the indenture governing the notes). Following the redemption, $644.9 million remained
outstanding.
On January 15, 2008, we redeemed our 4.625% Senior Notes at their maturity for $500.0 million plus accrued interest with proceeds
from our bank credit facility.
Tender Offers and Consent Solicitations
On December 17, 2007, we announced that we commenced a cash tender offer and consent solicitation for our outstanding
$750.0 million principal amount of the 7.65% Senior Notes due 2010 on the terms and conditions set forth in the Offer to Purchase and
Consent Solicitation Statement dated December 17, 2007. As of February 13, 2008, we had received tenders and consents representing 98% of
the outstanding 7.65% Senior Notes due 2010.
Also on December 17, AMFM commenced a cash tender offer and consent solicitation for the outstanding $644.9 million principal
amount of the 8% Senior Notes due 2008 on the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement
dated December 17, 2007. As of February 13, 2008 AMFM had received tenders and consents representing 87% of the outstanding 8% Senior
Notes due 2008.
As a result of receiving the requisite consents, we and AMFM entered into supplemental indentures which eliminate substantially all the
restrictive covenants in the indenture governing the respective notes. Each supplemental indenture will become operative upon acceptance and
payment of the tendered notes, as applicable.
Each of the tender offers is conditioned upon the consummation of our merger. The completion of the merger and the related debt
financings are not subject to, or conditioned upon, the completion of the tender offers.
Acquisitions
We acquired domestic outdoor display faces and additional equity interests in international outdoor companies for $69.1 million in cash
during 2007. Our national representation business acquired representation contracts for $53.0 million in cash during 2007.
Capital Expenditures
52
Declaration Amount per Total
Date Common Share Record Date Payment Date Payment
October 25, 2006 0.1875 December 31, 2006 January 15, 2007 $92.6
February 21, 2007 0.1875 March 31, 2007 April 15, 2007 93.0
April 19, 2007 0.1875 June 30, 2007 July 15, 2007 93.4
July 27, 2007 0.1875 September 30, 2007 October 15, 2007 93.4
December 3, 2007 0.1875 December 31, 2007 January 15, 2008 93.4
Year Ended December 31, 2007 Capital Expenditures
Americas International Corporate and
(In millions) Radio Outdoor Outdoor Othe
r
Total
Non-revenue producing $ 79.7 $36.3 $45.1 $ 6.6 $167.7
Revenue producing
—
106.5 87.8
—
194.3
$ 79.7 $142.8 $132.9 $ 6.6 $362.0