iHeartMedia 2012 Annual Report Download - page 63

Download and view the complete annual report

Please find page 63 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

60
During March 2012, we repaid our 5.0% senior notes at maturity for $249.9 million (net of $50.1 million principal amount
repaid to one of our subsidiaries with respect to notes repurchased and held by such entity), plus accrued interest, using a portion of
the proceeds from the June 2011 Offering of the Additional Notes, along with cash on hand.
During 2011, we repaid our 6.25% senior notes at maturity for $692.7 million (net of $57.3 million principal amount
repaid to one of our subsidiaries with respect to notes repurchased and held by such entity), plus accrued interest, using a portion of
the proceeds from the February 2011 Offering of the Initial Notes, along with available cash on hand. We also repaid our 4.4%
senior notes at maturity for $140.2 million (net of $109.8 million principal amount repaid to one of our subsidiaries with respect to
notes repurchased and held by such entity), plus accrued interest, with available cash on hand. Prior to, and in connection with the
June 2011 Offering, we repaid all amounts outstanding under our receivables based credit facility on June 8, 2011, using cash on
hand. This voluntary repayment did not reduce the commitments under this facility and we may reborrow amounts under this
facility at any time. In addition, on June 27, 2011, we made a voluntary payment of $500.0 million on our revolving credit facility.
Furthermore, CC Finco repurchased $80.0 million aggregate principal amount of our outstanding 5.5% senior notes due 2014 for
$57.1 million, including accrued interest, through an open market purchase.
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 4.5% senior notes upon maturity for $240.0 million with available cash on hand.
Capital Expenditures
Capital expenditures for the years ended December 31, 2012, 2011 and 2010 were as follows:
(In millions)
Years Ended December 31,
2012
2011
2010
CCME
$
65.8
$
50.2
$
27.8
Americas outdoor advertising
117.7
120.8
92.2
International outdoor advertising
150.1
166.0
103.1
Corporate and Other
56.7
25.3
18.4
Total capital expenditures
$
390.3
$
362.3
$
241.5
Our capital expenditures are not of significant size individually and primarily relate to the ongoing deployment of digital
displays and recurring maintenance in our Americas outdoor segment as well as new billboard and street furniture contracts and
renewals of existing contracts in our International outdoor segment.
Dividends
We have not paid cash dividends on the shares of our common stock since the merger and our ability to pay dividends is
subject to restrictions should we seek to do so in the future. Our debt financing arrangements include restrictions on our ability to pay
dividends.
Acquisitions
During 2012, we completed the acquisition of WOR-AM in New York City for $30.0 million and WFNX in Boston for
$14.5 million. These acquisitions resulted in an aggregate increase of $5.3 million to property plant and equipment, $15.2 million to
intangible assets and $24.7 million to goodwill, in addition to $0.7 million of assumed liabilities.
During 2011, we completed our traffic acquisition for $24.3 million to add a complementary traffic operation to our existing
traffic business. Immediately after closing, the acquired subsidiaries repaid pre-existing, intercompany debt owed in the amount of
$95.0 million. During 2011, we also acquired Brouwer & Partners, a street furniture business in Holland, for $12.5 million.
Stock Purchases
On August 9, 2010, we announced that our board of directors approved a stock purchase program under which we or our
subsidiaries may purchase up to an aggregate of $100 million of the Class A common stock of CCMH and/or the Class A common
stock of CCOH. The stock purchase program does not have a fixed expiration date and may be modified, suspended or terminated at
any time at our discretion. During 2011, CC Finco purchased 1,553,971 shares of CCOH’s Class A common stock through open
market purchases for approximately $16.4 million. During 2012, CC Finco purchased 111,291 shares of CCMH’s Class A common