iHeartMedia 2009 Annual Report Download - page 60

our International segment for the purchase of property, plant and equipment related to new billboard and street furniture contracts and
renewals of existing contracts. We spent $177.1 million primarily for the purchase of outdoor display faces and additional equity
interest in international outdoor companies, representation contracts and two FCC licenses. In addition, we received proceeds of $38.6
million primarily from the sale of radio stations, $41.5 million related to the sale of Americas and International assets and $9.6
million related to a litigation settlement.
2007
Net cash used in investing activities during 2007 principally reflects the purchase of property, plant and equipment of
$363.3 million. We spent $79.7 million for non-revenue producing capital expenditures in our Radio segment. We spent $142.8
million in our Americas segment for the purchase of property, plant and equipment mostly related to the construction of new
billboards and $132.9 million in our International segment for the purchase of property, plant and equipment related to new billboard
and street furniture contracts and renewals of existing contracts. During 2007, we acquired domestic outdoor display faces and
additional equity interests in international outdoor companies for $69.1 million. In addition, our national representation business
acquired representation contracts for $53.0 million.
Financing Activities
2009
Cash provided by financing activities during 2009 primarily reflects a draw of remaining availability of $1.6 billion under
our $2.0 billion revolving credit facility and $2.5 billion of proceeds from issuance of subsidiary senior notes, offset by the $2.0
billion paydown of our senior secured credit facilities. We also redeemed the remaining principal amount of our 4.25% senior notes at
maturity with a draw under the $500.0 million delayed draw term loan facility that is specifically designated for this purpose as
discussed in the Debt Repurchases, Tender Offers, Maturities and Other section within this MD&A. Our wholly-owned subsidiaries,
CC Finco and CC Finco II, LLC, together repurchased certain of our outstanding senior notes for $343.5 million as discussed in the
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ebt Repurchases, Tender Offers, Maturities and Other section within this MD&A. In addition, during 2009, our Americas Outdoor
segment purchased the remaining 15% interest in our fully consolidated subsidiary, Paneles Napsa S.A., for $13.0 million and our
International Outdoor segment acquired an additional 5% interest in our fully consolidated subsidiary, Clear Channel Jolly Pubblicita
SPA, for $12.1 million.
2008
Cash used in financing activities during 2008 primarily reflects $15.4 billion in debt proceeds used to finance the
acquisition and an equity contribution of $2.1 billion to finance the merger. Also included in financing activities is $1.9 billion related
to the redemption of our 4.625% senior notes due 2008 and 6.625% senior notes due 2008 at their maturity, the redemption of and
cash tender offer for AMFM Operating Inc.’s 8% senior notes due 2008, and the cash tender offer and consent solicitation for our
7.65% senior notes due 2010. In addition, $93.4 million relates to dividends paid.
2007
Net cash used in financing activities for the year ended December 31, 2007 principally reflects $372.4 million in dividend
payments and a net reduction in debt of approximately $1.1 billion. Cash used in financing was partially offset by the proceeds from
the exercise of stock options of $80.0 million.
Discontinued Operations
During 2008, we completed the sale of our television business to Newport Television, LLC for $1.0 billion and completed
the sales of certain radio stations for $110.5 million. The cash received from these sales was recorded as a component of cash flows
from discontinued operations during 2008.
The proceeds from the sale of 160 stations in 2007 are classified as cash flows from discontinued operations in 2007.
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