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Long-Term Debt | 6 Months Ended
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Jun. 30, 2014
Long-Term Debt [Abstract] |
Long-Term Debt | NOTE 3 – LONG-TERM DEBT Long-term debt at June 30, 2014 and December 31, 2013, respectively, consisted of the following:
(In thousands) | June 30, 2014 |  | December 31, 2013
Senior Secured Credit Facilities (1) | $ | 8,222,275 |  | $ | 8,225,754
Receivables Based Facility due 2017 |  | - |  |  | 247,000
9.0% Priority Guarantee Notes due 2019 |  | 1,999,815 |  |  | 1,999,815
9.0% Priority Guarantee Notes due 2021 |  | 1,750,000 |  |  | 1,750,000
11.25% Priority Guarantee Notes due 2021 |  | 575,000 |  |  | 575,000
Subsidiary senior revolving credit facility due 2018 |  | - |  |  | -
Other secured subsidiary long-term debt (2) |  | 19,624 |  |  | 21,124
Total consolidated secured debt |  | 12,566,714 |  |  | 12,818,693
Senior Cash Pay Notes due 2016 |  | 94,304 |  |  | 94,304
Senior Toggle Notes due 2016 (3) |  | 127,941 |  |  | 127,941
Senior Notes due 2021 (4) |  | 1,645,244 |  |  | 1,404,202
Clear Channel Senior Notes (5) |  | 725,000 |  |  | 1,436,455
Senior Notes due 2018 |  | 850,000 |  |  | -
Subsidiary Senior Notes due 2022 |  | 2,725,000 |  |  | 2,725,000
Subsidiary Senior Subordinated Notes due 2020 |  | 2,200,000 |  |  | 2,200,000
Other subsidiary debt |  | 545 |  |  | 10
Purchase accounting adjustments and original issue discount |  | (262,676) |  |  | (322,392)
|  |  | 20,672,072 |  |  | 20,484,213
Less: current portion |  | 22,020 |  |  | 453,734
Total long-term debt | $ | 20,650,052 |  | $ | 20,030,479
Term Loan B matures 2016. Term Loan C is subject to an amortization schedule with required payments at various dates from 201 4 through 2016. Term Loan D and Term Loan E mature 2019. Other secured subsidiary long-term debt ma tures at various dates from 2014 through 202 5. Senior Toggle Notes are subject to required payments at various dates from 2015 through 2016. Senior Notes due 2021 are subject to required payments at various dates from 2018 through 2021. Clear Channel's Senior Notes mature at various dates from 201 6 through 2027. The Company's weighted average interest rate at June 30, 2014 and December 31, 2013 were 7.9% and 7.6%, respectively. The aggregate market value of the Company's debt based on market prices for which quotes were available was approximately $21.5 billion and $20.5 billion at June 30, 2014 and December 31, 2013, respectively. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company's debt is classified as either Level 1 or Level 2. Subsidiary Sale of Clear Channel Long-Term Debt On February 14, 2014, CC Finco LLC (“CC Finco”), an indirect wholly-owned subsidiary of the Company, sold $227.0 million in aggregate principal amount of Senior Notes due 2021 issued by Clear Channel Communications, Inc. (“Clear Channel”) to private purchasers in a transaction exempt from registration under the Secur ities Act of 1933, as amended. This $227.0 million in aggregate principal amount of Senior Notes due 2021, which was previously eliminated in consolidation because the notes were held by a subsidiary, is no w reflected on the Company's consolidated balance sheet. CC Finco contributed the net proceeds from the sale of the Senior Notes due 2021 to Clear Channel, which intends to use such proceeds to repay, repurchase or otherwise acquire outstanding indebtedness from time to time and retire that indebtedness as it becomes due or upon its earlier repayme nt, repurchase or acquisition. 10.0% Senior Notes Issuance On May 1, 2014, CCU Escrow Corporation i ssued $850.0 million in aggregate principal amount of Senior Notes due 2018 in a private offer. On June 6, 2014, CCU Escrow Corporation merged into Clear Channel and Clear Channel assumed CCU Escrow Corporation's obligations under the 10.0% Senior Notes due 2018. The 10.0% Senior Notes due 2018 mature on January 15, 2018 and bear interest at a rate of 10.0% per annum, payable semi-annually on January 1 5 and July 1 5 of each year, beginning on July 1 5, 201 4. The 10.0% Senior Notes due 2018 are the sen ior unsecured obligations of Clear Channel and are not guaranteed by the Company or any of C lear Channel's other parent compani es or any of its subsidiaries. Senior Notes due 2021 Issuance Clear Channel intends to issue and sell approximately $222.2 million in aggregate principal amount of new Senior Notes due 2021 to CC Finco in a transaction exempt from registration under the Securities Act of 1933, as amended. The new Senior Notes due 2021 will be issued as additional notes under the indenture governing Clear Channel's existing Senior Notes due 2021. On July 21, 2014, Clear Channel issued a notice of redemption to redeem all of the outstanding $94.3 million aggregate principal amount of Senior Cash Pay Notes due 2016 and $127.9 million aggregate principal amount of Senior Toggle Notes due 2016 using proceeds of the issuance of the new Senior Notes due 2021. The closing of the issuance of the new Senior Notes due 2021 and redemption of the outstanding Senior Cash Pay Notes due 2016 and Senior Toggle Notes due 2 016 are expected to occur on August 22, 2014. Debt Repayments, Maturities and Other During February 2014, Clear Channel repaid all principal amounts outstanding under its receivables based credit facility, using cash on hand. This voluntary repayment did not reduce the commitments under this facility and Clear Channel has the ability to redraw amounts under this facility at any time. During March 2014, CC Finco repurchased, through open market purchases, a total of $61.9 million aggregate prin cipal amount of notes, comprised of $52.9 million of Clear Channel's outstanding 5.5% Senior Notes due 2014 and $9.0 million of Clear Channel's outstanding 4.9% Senior Notes due 2015, for a total purchase price of $63.1 million, including accrued interest. Clear Channel cancelled these notes subsequent to the purchase. In connection with these transactions, Clear Channel incurred expenses of $3.9 million, which are included in “Loss on extinguishment of debt” for the six months ended June 30, 2014. During May 2014, Clear Channel retired $1 30.0 million aggregate principal amount of its 5.5% Senior Notes due 2014 held by CC Finco. On June 6, 2014, using the proceeds from the issuance of the 10.0% Senior Notes due 2018, Clear Channel redeemed $567.1 million aggregate principal amount of Clear Channel's 5.5% Senior Notes due 2014 (including $158.5 million principal amount of the notes held by a subsidiary of Clear Channel) and $241.0 million aggregate principal amount of Clear Channel's 4.9% Senior Notes due 2015. In connection with these transactions, Clear Channel incurred expenses of $47.5 million, which are included in “Loss on extinguishment of debt” for the three months ended June 30, 2014. On July 21, 2014, Clear Channel issued a notice of redemption to redeem all of the outstanding $94.3 million aggregate principal amount of Senior Cash Pay Notes due 2016 and $127.9 million aggregate principal amount of Senior Toggle Notes due 2016 and will be using proceeds of the issuance of the new Senior Notes due 2021 to CC Finco to redeem the notes. The closing of the issuance of the new Senior Notes due 2021 and redemption of the outstanding Senior Cash Pay Notes due 2016 and Senior Toggle Notes due 2016 are expected to occur on August 22, 2014.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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