iHeartMedia 2011 Annual Report Download - page 47

Sources of Capital
As of December 31, 2011 and 2010, we had the following debt outstanding, net of cash and cash equivalents:
We and our subsidiaries have from time to time repurchased certain of our debt obligations and outstanding equity
securities of CCOH, 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 CCMH or CCOH, 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
As of December 31, 2011, we had a total of $12,796 million outstanding under our senior secured credit facilities,
consisting of:
We may raise incremental term loans or incremental commitments under the revolving credit facility of up to (a) $1.5
billion, plus (b) the excess, if any, of (x) 0.65 times pro forma consolidated EBITDA (as calculated in the manner provided in the
senior secured credit facilities documentation), over (y) $1.5 billion, plus (c) the aggregate
44
(In millions)
As of December 31,
2011 2010
Senior Secured Credit Facilities:
Term Loan A Facilit
y
$ 1,087.1 $ 1,127.7
Term Loan B Facilit
y
8,735.9 9,061.9
Term Loan C
–
Asset Sale Facilit
y
670.8 695.9
Revolvin
g
Credit Facilit
y
1,325.6 1,842.5
Dela
y
ed Draw Term Loan Facilities 976.8 1,013.2
Receivables Based Facilit
y
—
384.2
Priorit
y
Guarantee Notes 1,750.0
—
Other Secured Subsidiar
y
Debt 30.9 4.7
Total Secured Debt 14,577.1 14,130.1
Senior Cash Pa
y
Notes 796.3 796.3
Senior To
gg
le Notes 829.8 829.8
Clear Channel Senior Notes 1,998.4 2,911.4
Subsidiar
y
Senior Notes 2,500.0 2,500.0
Other Subsidiar
y
Debt 19.9 63.1
Purchase accounting adjustments and original issue
discount
(514.3) (623.3)
Total Debt 20,207.2 20,607.4
Less: Cash and cash e
q
uivalents 1,228.7 1,920.9
$ 18,978.5 $ 18,686.5
(1) We had $536.0 million of availabilit
y
under our Revolvin
g
Credit Facilit
y
as of December 31, 2011.
(2) As of December 31, 2011, we had available under our Receivables Based Facility the lesser of $625 million (the revolving
credit commitment) or the borrowin
g
base amount, as defined under the Receivables Based Facilit
y
.
• a $1,087 million term loan A facilit
y
which matures in Jul
y
2014;
• an $8,736 million term loan B facilit
y
which matures in Jul
y
2016;
• a $670.8 million term loan C
—
asset sale facility, subject to reduction as described below, which matures in January
2016;
• two delayed draw term loan facilities, of which $568.6 million and $408.2 million was drawn as of December 31, 2011,
res
p
ectivel
y
, and which mature in Januar
y
2016; and
• a $1,928 million revolving credit facility, including a letter of credit sub-facility and a swingline loan sub-facility, of
which $1,326 million was drawn as of December 31, 2011, which matures in Jul
y
2014.
(1)
(2)