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Long-Term Debt | 3 Months Ended
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Mar. 31, 2016
Long-Term Debt |
NOTE 3 – LONG-TERM DEBT
Long-term debt outstanding as of March 31, 2016 and December 31, 2015 consisted of the following:
(In thousands) | March 31, |  | December 31,
|  | 2016 | 2015
Senior Secured Credit Facilities(1) |  | $6,300,000 |  |  | $6,300,000
Receivables Based Credit Facility Due 2017(2) |  | 230,000 |  |  | 230,000
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
9.0% Priority Guarantee Notes Due 2022 |  | 1,000,000 |  |  | 1,000,000
10.625% Priority Guarantee Notes Due 2023 |  | 950,000 |  |  | 950,000
Subsidiary Revolving Credit Facility Due 2018(3) |  | - |  |  | -
Other secured subsidiary debt(4) |  | 25,111 |  |  | 25,228
Total consolidated secured debt |  | 12,829,926 |  |  | 12,830,043
14.0% Senior Notes Due 2021(5) |  | 1,712,048 |  |  | 1,695,097
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
Clear Channel International B.V. Senior Notes due 2020 |  | 225,000 |  |  | 225,000
Other subsidiary debt |  | 154 |  |  | 165
Purchase accounting adjustments and original issue discount |  | (195,677) |  |  | (204,611)
Long-term debt fees |  | (139,939) |  |  | (147,983)
Total debt |  | 20,754,412 |  |  | 20,720,611
Less: current portion |  | 185,549 |  |  | 181,512
Total long-term debt | $ | 20,568,863 |  | $ | 20,539,099
(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 2016 through 2045.
(5) | The 14.0% Senior Notes due 2021 are subject to required payments at various dates from 2018 through 2021. 2.0% per annum of the interest is paid through the issuance of payment-in-kind notes in the first and third quarters.
(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 March 31, 2016 and December 31, 2015 were 8.5% at both dates. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $14.9 billion and $15.2 billion as of March 31, 2016 and December 31, 2015, 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. Surety Bonds, Letters of Credit and G uarantees As of March 31, 2016, the Company and its subsidiaries had outstanding surety bonds, commercial standby letters of credit and bank guarantees of $62.6 million, $94.1 million and $59.3 million, respectively. Bank guarantees of $24.1 million were backed by cash collateral. These surety bonds, letters of credit 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 + Details
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