iHeartMedia 2012 Annual Report Download - page 50

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covenants may be affected by events beyond our control, including prevailing economic, financial and industry conditions. The
breach of any covenants set forth in our financing agreements would result in a default thereunder. An event of default would
permit the lenders under a defaulted financing agreement to declare all indebtedness thereunder to be due and payable prior to
maturity. Moreover, the lenders under the receivables based credit facility under our senior secured credit facilities would have
the option to terminate their commitments to make further extensions of credit thereunder. If we are unable to repay our
obligations under any secured credit facility, the lenders could proceed against any assets that were pledged to secure such
facility. In addition, a default or acceleration under any of our material financing agreements could cause a default under other of
our obligations that are subject to cross-default and cross-acceleration provisions. The threshold amount for a cross-default under
the senior secured credit facilities is $100.0 million.
Sources of Capital
As of December 31, 2012 and 2011, we had the following debt outstanding, net of cash and cash equivalents:
December 31,
(In millions)
2012
2011
Senior Secured Credit Facilities:
Term Loan A Facility
$
846.9
$
1,087.1
Term Loan B Facility
7,714.9
8,735.9
Term Loan C - Asset Sale Facility
513.7
670.8
Revolving Credit Facility (1)
-
1,325.6
Delayed Draw Term Loan Facilities
-
976.8
Receivables Based Facility (2)
-
-
Priority Guarantee Notes due 2019
1,999.8
-
Priority Guarantee Notes due 2021
1,750.0
1,750.0
Other Secured Subsidiary Debt
25.5
30.9
Total Secured Debt
12,850.8
14,577.1
Senior Cash Pay Notes
796.3
796.3
Senior Toggle Notes
829.8
829.8
Clear Channel Senior Notes
1,748.6
1,998.4
Subsidiary Senior Notes due 2017
-
2,500.0
Subsidiary Senior Notes due 2022
2,725.0
-
Subsidiary Senior Subordinated Notes
2,200.0
-
Other Subsidiary Debt
5.6
19.9
Purchase accounting adjustments and
original issue discount
(409.0)
(514.3)
Total Debt
20,747.1
20,207.2
Less: Cash and cash equivalents
1,225.0
1,228.7
$
19,522.1
$
18,978.5
(1) We had permanently paid down and terminated our revolving credit facility as of December 31, 2012.
(2) As of December 31, 2012, we had available under our receivables based facility an amount equal to the lesser of $535 million
(the revolving credit commitment) or the borrowing base amount, as defined under the receivables based facility and subject
to certain limitations contained in our material financing agreements.
We and our subsidiaries have from time to time repurchased certain of our debt obligations and equity securities of CCMH
and CCOH, and we may in the future, as part of various financing and investment strategies, purchase additional outstanding