iHeartMedia 2011 Annual Report Download - page 83
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CLEAR CHANNEL CAPITAL I, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 – LONG-TERM DEBT
Long-term debt at December 31, 2011 and 2010 consisted of the following:
The Company’s weighted average interest rate at December 31, 2011 was 6.2%. The aggregate market value of the Company’s debt
based on quoted market prices for which quotes were available was approximately $16.2 billion and $18.7 billion at December 31,
2011 and 2010, respectively.
The Company and its subsidiaries have from time to time repurchased certain debt obligations of Clear Channel and outstanding
equity securities of Clear Channel Outdoor Holdings, Inc. (“CCOH”), and may in the future, as part of various financing and
investment strategies, purchase additional outstanding indebtedness of Clear Channel or its subsidiaries or CCMH’s outstanding
equity securities or outstanding equity securities of CCOH, in tender offers, open market purchases, privately negotiated transactions
or otherwise. The Company or its subsidiaries may also sell certain assets or properties and use the proceeds to reduce its
indebtedness. These purchases or sales, if any, could have a material positive or negative impact on the Company’s liquidity available
to repay outstanding debt
80
(In thousands)
As of December 31,
2011
2010
Senior Secured Credit Facilities:
Term Loan A Facilit
y
Due 2014
$ 1,087,090
$ 1,127,657
Term Loan B Facilit
y
Due 2016
8,735,912
9,061,911
Term Loan C - Asset Sale Facilit
y
Due 2016
670,845
695,879
Revolvin
g
Credit Facilit
y
Due 2014
1,325,550
1,842,500
Dela
y
ed Draw Term Loan Facilities Due 2016
976,776
1,013,227
Receivables Based Facilit
y
Due 2014
—
384,232
Priorit
y
Guarantee Notes Due 2021
1,750,000
—
Other Secured Subsidiar
y
Debt
30,976
4,692
Total Consolidated Secured Debt
14,577,149
14,130,098
Senior Cash Pa
y
Notes Due 2016
796,250
796,250
Senior To
gg
le Notes Due 2016
829,831
829,831
Clear Channel Senior Notes:
6.25% Senior Notes Due 2011
—
692,737
4.4% Senior Notes Due 2011
—
140,241
5.0% Senior Notes Due 2012
249,851
249,851
5.75% Senior Notes Due 2013
312,109
312,109
5.5% Senior Notes Due 2014
461,455
541,455
4.9% Senior Notes Due 2015
250,000
250,000
5.5% Senior Notes Due 2016
250,000
250,000
6.875% Senior Debentures Due 2018
175,000
175,000
7.25% Senior Debentures Due 2027
300,000
300,000
Subsidiar
y
Senior Notes:
9.25% Series A Senior Notes Due 2017
500,000
500,000
9.25% Series B Senior Notes Due 2017
2,000,000
2,000,000
Other Clear Channel Subsidiar
y
Debt
19,860
63,115
Purchase accountin
g
ad
j
ustments and ori
g
inal issue discount
(514,336)
(623,335)
20,207,169
20,607,352
Less: current
p
ortion of lon
g
-term debt
268,638
867,735
Total lon
g
-term debt
$19,938,531
$19,739,617
(1) These facilities are subject to an amortization schedule with the final payment on the Term Loan A and Term Loan C due
2014 and 2016, res
p
ectivel
y
.
(1)
(1)