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Long-Term Debt | 6 Months Ended
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Jun. 30, 2015
Long-Term Debt |
NOTE 3 – LONG-TERM DEBT
Long-term debt outstanding as of June 30, 2015 and December 31, 2014 consisted of the following:
(In thousands) | June 30, |  | December 31,
|  | 2015 | 2014
Senior Secured Credit Facilities(1) |  | $6,300,000 |  |  | $7,231,222
Receivables Based Credit Facility Due 2017(2) |  | - |  |  | -
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
9.0% Priority Guarantee Notes Due 2022 |  | 1,000,000 |  |  | 1,000,000
10.625% Priority Guarantee Notes Due 2023 |  | 950,000 |  |  | -
Subsidiary Revolving Credit Facility Due 2018(3) |  | - |  |  | -
Other Secured Subsidiary Debt(4) |  | 17,404 |  |  | 19,257
Total Consolidated Secured Debt |  | 12,592,219 |  |  | 12,575,294
14.0% Senior Notes Due 2021(5) |  | 1,678,314 |  |  | 1,661,697
iHeartCommunications Legacy Notes(6) |  | 667,900 |  |  | 667,900
10.0% Senior Notes Due 2018 |  | 730,000 |  |  | 730,000
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 |  | 302 |  |  | 1,024
Purchase accounting adjustments and original issue discount |  | (219,207) |  |  | (234,897)
Total debt |  | 20,374,528 |  |  | 20,326,018
Less: current portion |  | 2,725 |  |  | 3,604
Total long-term debt | $ | 20,371,803 |  | $ | 20,322,414
(1) | Term Loan D and Term Loan E mature in 2019.
(2) | The Receivables Based Credit Facility provides for borrowings up to the lesser of $535.0 million (the revolving credit commitment) or the borrowing base, subject to certain limitations contained in iHeartCommunications’ material financing agreements.
(3) | The Subsidiary Revolving Credit Facility provides for borrowings up to $75.0 million (the revolving credit commitment).
(4) | Other secured subsidiary debt matures at various dates from 2015 through 2045.
(5) | The 14.0% Senior Notes due 2021are subject to required payments at various dates from 2018 through 2021.
(6) | iHeartCommunications’ Legacy Notes, all of which were issued prior to the acquisition of iHeartCommunications by the Company in 2008, consist of Senior Notes maturing at various dates in 2016, 2018 and 2027.
The Company’s we ighted average interest rates as of June 30, 2015 and December 31, 2014 were 8.4% and 8.1%, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $19.2 billion and $19.7 billion as of June 30, 2015 and December 31, 2014, 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. Debt Issuance On February 26, 2015, iHeartCommunications iss ued at par $950.0 million aggregate principal amount of 10.625% Priority Guarantee Notes due 2023. The notes mature on March 15, 2023 and bear interest at a rate of 10.625% per annum, payable semi-annually in arrears on March 15 and September 15 of each y ear, beginning on September 15, 2015. iHeartCommunications used the net proceeds from the offering primarily to prepay its term loan facilities due 2016. Duri ng the first quarter of 2015, iHeartCommunications borrowed $120.0 mi llion principal amount unde r its r eceivables b ased credit f acility due 2017. During the second quarter of 2015, all outstanding amounts under the receivables based credit facility were repaid. Debt Repayments, Maturities and Other On February 26, 2015, iHeartCommunications prepaid at par $916.1 million of loans outstanding under its Term Loan B facility and $15.2 million of loans outstanding under its Term Loan C asset sale facility, using the net proceeds of the Priority Guarantee Notes due 2023 issued on such date. Surety Bonds, Letters of Credit and G uarantees As of June 30, 2015, iHeartCommunications had outstanding surety bonds, commercial standby letters of credit and bank guarantees of $57.8 million, $108.6 million and $54.2 million, respectively. Bank guarantees of $13.2 million were cash secured. These surety bonds, letters of c redit and bank guarantees relate to various operational matters including insurance, bid, concession and performance bonds as well as other items.

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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 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 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 + Details
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