iHeartMedia 2010 Annual Report Download - page 49

Sources of Capital
As of December 31, 2010 and 2009, we had the following indebtedness outstanding:
We and our subsidiaries have from time to time repurchased certain of our debt obligations and we may in the future, as part of
various financing and investment strategies, purchase additional outstanding indebtedness of ours or our subsidiaries or outstanding
equity securities of CCOH or CCMH, in tender offers, open market purchases, privately negotiated transactions or otherwise. We may
also sell certain assets or properties and use the proceeds to reduce our indebtedness. These purchases or sales, if any, could have a
material positive or negative impact on our liquidity available to repay outstanding debt obligations or on our consolidated results of
operations. These transactions could also require or result in amendments to the agreements governing outstanding debt obligations or
changes in our leverage or other financial ratios, which could have a material positive or negative impact on our ability to comply
with the covenants contained in our debt agreements. These transactions, if any, will depend on prevailing market conditions, our
liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.
Senior Secured Credit Facilities
Borrowings under our senior secured credit facilities bear interest at a rate equal to an applicable margin plus, at our option,
either (i) a base rate determined by reference to the higher of (A) the prime lending rate publicly announced by the administrative
agent and (B) the Federal funds effective rate from time to time plus 0.50%, or (ii) a Eurocurrency rate determined by reference to the
costs of funds for deposits for the interest period relevant to such borrowing adjusted for certain additional costs.
The margin percentages applicable to the term loan facilities and revolving credit facility are the following percentages per
annum:
The margin percentages are subject to adjustment based upon our leverage ratio.
We are required to pay each revolving credit lender a commitment fee in respect of any unused commitments under the
revolving credit facility, which is currently 0.50% per annum, but subject to adjustment based on our leverage ratio. The delayed draw
term facilities are fully drawn, therefore there are currently no commitment fees associated with any unused commitments thereunder.
44
(In millions)
December 31,
2010
December 31,
2009
Senior Secured Credit Facilities:
Term Loan A Facilit
y
$ 1,127.7 $ 1,127.7
Term Loan B Facilit
y
9,061.9 9,061.9
Term Loan C
–
Asset Sale Facilit
y
695.9 695.9
Revolvin
g
Credit Facilit
y
1,842.5 1,812.5
Dela
y
ed Draw Term Loan Facilities 1,013.2 874.4
Receivables Based Facilit
y
384.2 355.7
Secured Subsidiar
y
Debt 4.7 5.2
Total Secured Debt 14,130.1 13,933.3
Senior Cash Pa
y
Notes 796.3 796.3
Senior To
gg
le Notes 829.8 915.2
Clear Channel Senior Notes
2,288.1 2,479.5
Subsidiar
y
Senior Notes 2,500.0 2,500.0
Clear Channel Subsidiar
y
Debt 63.1 77.7
Total Debt 20,607.4 20,702.0
Less: Cash and cash e
q
uivalents 1,920.9 1,884.0
$ 18,686.5 $ 18,818.0
(1) Includes $623.3 million and $788.1 million at December 31, 2010 and 2009, respectively, in unamortized fair value
p
urchase accountin
g
discounts related to the mer
g
er.
• with respect to loans under the term loan A facility and the revolving credit facility, (i) 2.40% in the case of base rate loans
and (ii) 3.40% in the case of Eurocurrenc
y
rate loans; and
• with respect to loans under the term loan B facility, term loan C - asset sale facility and delayed draw term loan facilities,
(i) 2.65%, in the case of base rate loans and (ii) 3.65%, in the case of Eurocurrenc
y
rate loans.
(1)