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Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2014
Schedule of Long-Term Debt

Long-term debt at December 31, 2014 and 2013 consisted of the following:

 

(In thousands)      December 31,     

 

2014

       December 31,     

 

2013

 

Senior Secured Credit Facilities

  7,231,222       8,225,754    

Receivables Based Facility Due 2017

       247,000    

Priority Guarantee Notes

  5,324,815       4,324,815    

Subsidiary Revolving Credit Facility Due 2018

         

Other Secured Subsidiary Debt

  19,257       21,124    
 

 

 

   

 

 

 

Total Consolidated Secured Debt

  12,575,294       12,818,693    

10.75% Senior Cash Pay Notes Due 2016

       94,304    

11.00%/11.75% Senior Toggle Notes Due 2016

       127,941    

14.0% Senior Notes Due 2021

  1,661,697       1,404,202    

iHeartCommunications Legacy Notes

  667,900       1,436,455    

10.0% Senior Notes Due 2018

  730,000         

Subsidiary Senior Notes

  4,925,000       4,925,000    

Other Subsidiary Debt

  1,024       10    

Purchase accounting adjustments and original issue discount

  (234,897)      (322,392)   
 

 

 

   

 

 

 
  20,326,018       20,484,213    

Less: current portion

  3,604        453,734   
 

 

 

   

 

 

 

Total long-term debt

$ 20,322,414     $ 20,030,479    
 

 

 

   

 

 

 

As of December 31, 2014, iHeartCommunications had senior secured credit facilities consisting of:

 

(In thousands)     Maturity    
Date
    December 31,    
2014
      December 31,    
2013
 

Term Loan B

1/29/2016 $ 916,061      1,890,978   

Term Loan C

1/29/2016   15,161      34,776   

Term Loan D

1/30/2019   5,000,000      5,000,000   

Term Loan E

7/30/2019   1,300,000      1,300,000   
   

 

 

   

 

 

 

Total Senior Secured Credit Facilities

$ 7,231,222    $ 8,225,754   
   

 

 

   

 

 

Priority Guarantee Notes

As of December 31, 2014, iHeartCommunications had outstanding Priority Guarantee Notes consisting of:

 

(In thousands)

Maturity Date

  Interest Rate    

Interest Payment Terms

  December 31,
2014
  December 31,
2013
 

9.0% Priority Guarantee Notes due 2019

  12/15/2019       9.0%       

Payable semi-annually in

arrears on June 15 and

December 15 of each year

    $ 1,999,815        1,999,815   

9.0% Priority Guarantee Notes due 2021

  3/1/2021       9.0%       

Payable semi-annually in

arrears on March 1 and

September 1 of each year

      1,750,000        1,750,000   

11.25% Priority Guarantee Notes due 2021

  3/1/2021       11.25%       

Payable semi-annually on

March 1 and September 1

of each year

      575,000        575,000   

9.0% Priority Guarantee Notes due 2022

  9/15/2022       9.0%       

Payable semi-annually in

arrears on March 15 and

September 15 of each year

      1,000,000        -   
             

 

 

   

 

 

 

Total Priority Guarantee Notes

              $ 5,324,815        4,324,815   
             

 

 

   

 

 

iHeartCommunications Legacy Notes

As of December 31, 2014, iHeartCommunications had outstanding senior notes (net of $57.1 million aggregate principal amount held by a subsidiary of iHeartCommunications) consisting of:

 

(In thousands)      December 31,     
2014
       December 31,     
2013
 

5.5% Senior Notes Due 2014

$ -      461,455   

4.9% Senior Notes Due 2015

  -      250,000   

5.5% Senior Notes Due 2016

  192,900      250,000   

6.875% Senior Notes Due 2018

  175,000      175,000   

7.25% Senior Notes Due 2027

  300,000      300,000   
 

 

 

   

 

 

 

Total Legacy Notes

$ 667,900      1,436,455   
 

 

 

   

 

 

 

Subsidiary Senior Notes

As of December 31, 2014, the Company’s subsidiary, Clear Channel Worldwide Holdings, Inc. (“CCWH”) had outstanding notes consisting of:

 

(In thousands) Maturity Date   Interest Rate  

Interest Payment Terms

  December 31,
2014
  December 31,
2013
 

CCWH Senior Notes:

6.5% Series A Senior Notes Due 2022

  11/15/2022      6.5%   

Payable to the trustee weekly

in arrears and to the

noteholders on May 15 and

November 15 of each year

$ 735,750      735,750   

6.5% Series B Senior Notes Due 2022

  11/15/2022      6.5%   

Payable to the trustee weekly

in arrears and to the

noteholders on May 15 and

November 15 of each year

  1,989,250      1,989,250   

CCWH Senior Subordinated Notes:

7.625% Series A Senior Notes Due 2020

  3/15/2020      7.625%   

Payable to the trustee weekly

in arrears and to the

noteholders on March 15 and

September 15 of each year

  275,000      275,000   

7.625% Series B Senior Notes Due 2020

  3/15/2020      7.625%   

Payable to the trustee weekly

in arrears and to the

noteholders on March 15 and

September 15 of each year

  1,925,000      1,925,000   
         

 

 

   

 

 

 

Total CCWH Notes

$ 4,925,000      4,925,000   
         

 

 

   

 

 

Schedule of Maturities of Long-Term Debt

Future maturities of long-term debt at December 31, 2014 are as follows:

 

(in thousands)    

2015

$ 3,604   

2016

  1,126,920   

2017

  8,208   

2018

  909,272   

2019

  8,300,043   

Thereafter

  10,212,868   
  

 

 

 

Total (1)

$     20,560,915   
  

 

 

 

 

  (1)  Excludes purchase accounting adjustments and original issue discount of $234.9 million, which is amortized through interest expense over the life of the underlying debt obligations.