iHeartMedia 2010 Annual Report Download - page 56

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In addition, we sold our 50% interest in Clear Channel Independent during 2008 and recognized a gain of $75.6 million in
“Equity in earnings (loss) of nonconsolidated affiliates” based on the fair value of the equity securities received in the pre-merger
period.
We sold a portion of our investment in Grupo ACIR for approximately $47.0 million on July 1, 2008 and recorded a gain of $9.2
million in “Equity in earnings (loss) of nonconsolidated affiliates.”
Uses of Capital
D
ebt Repurchases, Tender Offers, Maturities and Other
Between 2008 and 2010, our indirect wholly-owned subsidiaries, CC Investments, CC Finco, LLC and Clear Channel
Acquisition, LLC, repurchased certain of our outstanding senior notes, senior cash pay and senior toggle notes through open market
repurchases, privately negotiated transactions and tenders as shown in the table below. Notes repurchased and held by CC
Investments, CC Finco, LLC and Clear Channel Acquisition, LLC, are eliminated in consolidation.
During 2010, we repaid our remaining 7.65% senior notes upon maturity for $138.8 million, including $5.1 million of accrued
interest, with proceeds from our delayed draw term loan facility that was specifically designated for this purpose. Also during 2010,
we repaid our remaining 4.50% senior notes upon maturity for $240.0 million with available cash on hand.
During 2009, we repaid 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 was specifically designated for this purpose.
On November 24, 2008, we announced that we commenced a cash tender offer to purchase our outstanding 7.65% Senior Notes
due 2010. The tender offer and consent payment expired on December 23, 2008. The aggregate principal amount of 7.65% senior
notes validly tendered and accepted for payment was $252.4 million. The aggregate gain on the extinguishment of debt recorded
during the post-merger period as a result of the tender offer for the 7.65% senior notes due 2010 was $74.7 million.
51
(In thousands)
Post Mer
g
er Years Ended December 31,
2010
2009
2008
CC Investments
Princi
p
al amount of debt re
p
urchased
$185,185
$
—
$
—
Deferred loan costs and other
104
—
—
Gain recorded in “Other income (ex
p
ense)
–
net”
(60,289)
—
—
Cash
p
aid for re
p
urchases of lon
g
-term debt
$125,00
0
$
—
$
—
CC Finco, LLC
Princi
p
al amount of debt re
p
urchased
$
—
$ 801,302
$102,241
Purchase accountin
g
ad
j
ustments
—
(146,314)
(24,367)
Deferred loan costs and other
—
(1,468)
—
Gain recorded in “Other income (ex
p
ense)
–
net”
—
(368,591)
(53,449)
Cash
p
aid for re
p
urchases of lon
g
-term debt
$
—
$ 284,929
$ 24,425
Clear Channel Ac
q
uisition, LLC
Princi
p
al amount of debt re
p
urchased
$
—
$ 433,125
$
—
Deferred loan costs and other
—
(813)
—
Gain recorded in “Other income (ex
p
ense)
–
net”
—
(373,775)
—
Cash
p
aid for re
p
urchases of lon
g
-term debt
$
—
$ 58,537
$
—
(1) Re
p
resents unamortized fair value
p
urchase accountin
g
discounts recorded as a result of the mer
g
er.
(2) CC Investments, CC Finco, LLC and Clear Channel Acquisition, LLC, repurchased certain of our senior notes, senior cash
p
a
y
notes and senior to
gg
le notes at a discount, resultin
g
in a
g
ain on the extin
g
uishment of debt.
(3) Clear Channel Ac
q
uisition, LLC immediatel
y
cancelled these notes subse
q
uent to the
p
urchase.
(2)
(1)
(2)
(3)
(2)