iHeartMedia 2012 Annual Report Download - page 61

Download and view the complete annual report

Please find page 61 of the 2012 iHeartMedia annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 150

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150

58
March 2012 Refinancing Transaction
In March 2012, CCWH issued $275.0 million aggregate principal amount of the Series A CCWH Subordinated Notes and
$1,925.0 million aggregate principal amount of the Series B CCWH Subordinated Notes and in connection therewith, CCOH
distributed the CCOH Dividend of $6.0832 per share to its stockholders of record. Using CCOH Dividend proceeds distributed to our
wholly-owned subsidiaries, together with cash on hand, we repaid $2,096.2 million of indebtedness under our senior secured credit
facilities. For a description of the CCWH Subordinated Notes, please see the “CCWH Senior Subordinated Notes” section elsewhere
within this MD&A.
October 2012 Refinancing Transaction
During the fourth quarter of 2012, we exchanged $2.0 billion aggregate principal amount of term loans under our senior
secured credit facilities for a like principal amount of newly issued Priority Guarantee Notes due 2019. For a description of the
Priority Guarantee Notes due 2019, see the “Priority Guarantee Notes due 2019” section elsewhere within this MD&A. The exchange
offer, which was offered to eligible existing lenders under our senior secured credit facilities, was exempt from registration under the
Securities Act of 1933, as amended. We capitalized $11.9 million in fees and expenses associated with the offering and are
amortizing them through interest expense over the life of the notes.
November 2012 Refinancing Transaction
In November 2012, CCWH issued $735.75 million aggregate principal amount of the Series A CCWH Senior Notes, which
were issued at an issue price of 99.0% of par, and $1,989.25 million aggregate principal amount of the Series B CCWH Senior Notes,
which were issued at par. CCWH used the net proceeds from the offering of the CCWH Senior Notes, together with cash on hand, to
fund the tender offer for and redemption of the Existing CCWH Senior Notes. For a description of the CCWH Senior Notes, please
see the “CCWH Senior Notes” section elsewhere within this MD&A.
Dispositions and Other
During 2012, our International outdoor segment sold its international neon business and its outdoor advertising business in
Romania, resulting in an aggregate gain of $39.7 million included in “Other operating income (expense) – net.”
During 2011, we divested and exchanged 27 radio stations for approximately $22.7 million and recorded a loss of
$0.5 million in “Other operating income (expense) – net.”
During 2010, CCOH transferred its interest in its Branded Cities operations to its joint venture partner, The Ellman
Companies. We recognized a loss of $25.3 million in “Other operating income (expense) – net” related to this transfer. In addition,
during 2010, our International outdoor segment sold its outdoor advertising business in India, resulting in a loss of $3.7 million
included in “Other operating income (expense) – net.” In addition, we sold three radio stations, donated one station, and recorded a
gain of $1.3 million in “Other operating income (expense) – net.” We also sold representation contracts and recorded a gain of
$6.2 million in “Other operating income (expense) – net.”