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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt at December 31, 2016 and 2015 consisted of the following:
(In thousands) | December 31, |  | December 31,
| 2016 |  | 2015
Senior Secured Credit Facilities | $ | 6,300,000 |  |  | $ | 6,300,000 |
Receivables Based Credit Facility Due 2017 | 330,000 |  |  | 230,000 |
Priority Guarantee Notes | 6,274,815 |  |  | 6,274,815 |
Subsidiary Revolving Credit Facility Due 2018 | — |  |  | — |
Other Secured Subsidiary Debt | 20,987 |  |  | 25,228 |
Total Consolidated Secured Debt | 12,925,802 |  |  | 12,830,043 |
14.0% Senior Notes Due 2021 | 1,729,168 |  |  | 1,695,097 |
Legacy Notes(1) | 475,000 |  |  | 667,900 |
10.0% Senior Notes Due 2018 | 347,028 |  |  | 730,000 |
Subsidiary Senior Notes | 5,150,000 |  |  | 5,150,000 |
Other Subsidiary Debt | 27,954 |  |  | 165 |
Purchase accounting adjustments and original issue discount | (166,961 | ) |  | (204,611 | )
Long-term debt fees | (123,003 | ) |  | (147,983 | )
| 20,364,988 |  |  | 20,720,611 |
Less: current portion | 342,908 |  |  | 181,512 |
Total long-term debt | $ | 20,022,080 |  |  | $ | 20,539,099 |
(1) | The Legacy Notes amount does not include $57.1 million aggregate principal amount of 5.5% Senior Notes due 2016, which matured on December 15, 2016 and continue to remain outstanding. These notes are held by a subsidiary of the Company and are eliminated for purposes of consolidation of the Company’s financial statements.
The Company’s weighted average interest rate at December 31, 2016 and 2015 was 8.5%. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $16.7 billion and $15.2 billion at December 31, 2016 and 2015, respectively. Under the fair value hierarchy established by ASC 820-10-35, the fair market value of the Company’s debt is classified as either Level 1 or Level 2. Senior Secured Credit Facilities As of December 31, 2016 and 2015, iHeartCommunications had senior secured credit facilities consisting of:
(In thousands) |  |  | December 31, |  | December 31,
| Maturity Date |  | 2016 |  | 2015
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 |  |  | $ | 6,300,000 |  |  | $ | 6,300,000 |
iHeartCommunications is the primary borrower under the senior secured credit facilities, and certain of its domestic restricted subsidiaries are co-borrowers under a portion of the term loan facilities. Interest Rate and Fees Borrowings under iHeartCommunications' senior secured credit facilities bear interest at a rate equal to an applicable margin plus, at iHeartCommunications' option, either (i) a base rate determined by reference to the higher of (A) the prime lending rate publicly announced by the administrative agent or (B) the Federal funds effective rate from time to time plus 0.50%, or (ii) a Eurocurrency rate determined by reference to the costs of funds for deposits for the interest period relevant to such borrowing adjusted for certain additional costs. The margin percentages applicable to the term loan facilities are the following percentages per annum:
• | with respect to loans under the term loan D, (i) 5.75% in the case of base rate loans and (ii) 6.75% in the case of Eurocurrency rate loans; and
• | with respect to loans under the term loan E, (i) 6.50% in the case of base rate loans and (ii) 7.50% in the case of Eurocurrency rate loans.
The margin percentages are subject to adjustment based upon iHeartCommunications' leverage ratio. Collateral and Guarantees The senior secured credit facilities are guaranteed by iHeartCommunications and each of iHeartCommunications' existing and future material wholly-owned domestic restricted subsidiaries, subject to certain exceptions. All obligations under the senior secured credit facilities, and the guarantees of those obligations, are secured, subject to permitted liens, including prior liens permitted by the indenture governing iHeartCommunications' legacy notes, and other exceptions, by:
• | a lien on the capital stock of iHeartCommunications;
• | 100% of the capital stock of any future material wholly-owned domestic license subsidiary that is not a “Restricted Subsidiary” under the indenture governing iHeartCommunications' legacy notes;
• | certain assets that do not constitute “principal property” (as defined in the indenture governing iHeartCommunications' legacy notes);
• | certain specified assets of iHeartCommunications and the guarantors that constitute “principal property” (as defined in the indenture governing iHeartCommunications' legacy notes) securing obligations under the senior secured credit facilities up to the maximum amount permitted to be secured by such assets without requiring equal and ratable security under the indenture governing iHeartCommunications' legacy notes; and
• | a lien on the accounts receivable and related assets securing iHeartCommunications' receivables based credit facility that is junior to the lien securing iHeartCommunications' obligations under such credit facility.
Certain Covenants The senior secured credit facilities include negative covenants that, subject to significant exceptions, limit iHeartCommunications' ability and the ability of its restricted subsidiaries to, among other things:
• | incur additional indebtedness;
• | create liens on assets;
• | engage in mergers, consolidations, liquidations and dissolutions;
• | sell assets;
• | pay dividends and distributions or repurchase iHeartCommunications' capital stock;
• | make investments, loans, or advances;
• | prepay certain junior indebtedness;
• | engage in certain transactions with affiliates;
• | amend material agreements governing certain junior indebtedness; and
• | change lines of business.
Receivables Based Credit Facility On November 17, 2016, iHeartCommunications' incurred $100.0 million of additional borrowings under its receivables based credit facility. As of December 31, 2016, there were borrowings of $330.0 million outstanding under iHeartCommunications' receivables based credit facility. On January 31, 2017, iHeartCommunications prepaid $25.0 million of the amount borrowed under its receivables based credit facility, bringing its total outstanding borrowings under this facility to $305.0 million. The receivables based credit facility provides revolving credit commitments of $535.0 million, subject to a borrowing base. The borrowing base at any time equals 90% of the eligible accounts receivable of iHeartCommunications and certain of its subsidiaries. The receivables based credit facility includes a letter of credit sub-facility and a swingline loan sub-facility. iHeartCommunications and certain subsidiary borrowers are the borrowers under the receivables based credit facility. iHeartCommunications has the ability to designate one or more of its restricted subsidiaries as borrowers under the receivables based credit facility. The receivables based credit facility loans are available in U.S. dollars and letters of credit are available in a variety of currencies including U.S. dollars, Euros, Pounds Sterling, and Canadian dollars. Interest Rate and Fees Borrowings under the receivables based credit facility bear interest at a rate per annum equal to an applicable margin plus, at iHeartCommunications' option, either (i) a base rate determined by reference to the highest of (a) the prime rate of Citibank, N.A. and (b) the Federal Funds rate plus 0.50% or (ii) a Eurocurrency rate determined by reference to the rate (adjusted for statutory reserve requirements for Eurocurrency liabilities) for Eurodollar deposits for the interest period relevant to such borrowing. The applicable margin for borrowings under the receivables based credit facility ranges from 1.50% to 2.00% for Eurocurrency borrowings and from 0.50% to 1.00% for base-rate borrowings, depending on average daily excess availability under the receivables based credit facility during the prior fiscal quarter. In addition to paying interest on outstanding principal under the receivables based credit facility, iHeartCommunications is required to pay a commitment fee to the lenders under the receivables based credit facility in respect of the unutilized commitments thereunder. The commitment fee rate ranges from 0.25% to 0.375% per annum dependent upon average unused commitments during the prior quarter. iHeartCommunications must also pay customary letter of credit fees. Maturity Borrowings under the receivables based cr edit facility will mature, and lending commitments thereunder will terminate, on the fifth anniversary of the effectiveness of the receivables based credit facility, which is December 24, 2017. Guarantees and Security The facility is guaranteed by, subject to certain exceptions, the guarantors of iHeartCommunications' senior secured credit facilities. All obligations under the receivables based credit facility, and the guarantees of those obligations, are secured by a perfected security interest in all of iHeartCommunications' and all of the guarantors’ accounts receivable and related assets and proceeds thereof that is senior to the security interest of iHeartCommunications' senior secured credit facilities in such accounts receivable and related assets and proceeds thereof, subject to permitted liens, including prior liens permitted by the indenture governing certain of iHeartCommunications' legacy notes, and certain exceptions. Certain Covenants The receivables based credit facility includes negative covenants that, subject to significant exceptions, limit iHeartCommunications' ability and the ability of its restricted subsidiaries to, among other things:
• | incur additional indebtedness;
• | create liens on assets;
• | engage in mergers, consolidations, liquidations and dissolutions;
• | sell assets;
• | pay dividends and distributions or repurchase capital stock;
• | make investments, loans, or advances;
• | prepay certain junior indebtedness;
• | engage in certain transactions with affiliates;
• | amend material agreements governing certain junior indebtedness; and
• | change lines of business.
Priority Guarantee Notes As of December 31, 2016 and 2015, iHeartCommunications had outstanding Priority Guarantee Notes consisting of:
(In thousands) |  |  |  |  |  |  | December 31, |  | December 31,
| Maturity Date |  | Interest Rate |  | Interest Payment Terms |  | 2016 |  | 2015
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 in arrears 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 |  |  | 1,000,000 |
10.625% Priority Guarantee Notes due 2023 | 3/15/2023 |  | 10.625% |  | Payable semi-annually in arrears on March 15 and September 15 of each year |  | 950,000 |  |  | 950,000 |
Total Priority Guarantee Notes |  |  |  |  | $ | 6,274,815 |  |  | $ | 6,274,815 |
Guarantees and Security The Priority Guarantee Notes are iHeartCommunications' senior obligations and are fully and unconditionally guaranteed, jointly and severally, on a senior basis by the guarantors named in the indentures. The Priority Guarantee Notes and the guarantors’ obligations under the guarantees are secured by (i) a lien on (a) the capital stock of iHeartCommunications and (b) certain property and related assets that do not constitute “principal property” (as defined in the indenture governing certain of iHeartCommunications' legacy notes), in each case equal in priority to the liens securing the obligations under iHeartCommunications' senior secured credit facilities, subject to certain exceptions, and (ii) a lien on the accounts receivable and related assets securing iHeartCommunications' receivables based credit facility junior in priority to the lien securing iHeartCommunications' obligations thereunder, subject to certain exceptions. In addition to the collateral granted to secure the Priority Guarantee Notes, the collateral agent and the trustee for the 9% Priority Guarantee Notes due 2019 entered into an agreement with the administrative agent for the lenders under the senior secured credit facilities to turn over to the trustee under the 9% Priority Guarantee Notes due 2019, for the benefit of the holders of the 9% Priority Guarantee Notes due 2019, a pro rata share of any recovery received on account of the principal properties, subject to certain terms and conditions. Redemptions iHeartCommunications may redeem the Priority Guarantee Notes at its option, in whole or in part, at redemption prices set forth in the indentures, plus accrued and unpaid interest to the redemption dates. Certain Covenants The indentures governing the Priority Guarantee Notes contain covenants that limit iHeartCommunications' ability and the ability of its restricted subsidiaries to, among other things: (i) pay dividends, redeem stock or make other distributions or investments; (ii) incur additional debt or issue certain preferred stock; (iii) modify any of iHeartCommunications' existing senior notes; (iv) transfer or sell assets; (v) engage in certain transactions with affiliates; (vi) create restrictions on dividends or other payments by the restricted subsidiaries; and (vii) merge, consolidate or sell substantially all of iHeartCommunications' assets. The indentures contain covenants that limit the Company’s and iHeartCommunications' ability and the ability of their restricted subsidiaries to, among other things: (i) create liens on assets and (ii) materially impair the value of the security interests taken with respect to the collateral for the benefit of the notes collateral agent and the holders of the Priority Guarantee Notes. The indentures also provide for customary events of default. Subsidiary Revolving Credit Facility Due 2018 During the third quarter of 2013, CCOH entered into a five-year senior secured revolving credit facility with an aggregate principal amount of $75.0 million. The revolving credit facility may be used for working capital needs, to issue letters of credit and for other general corporate purposes. At December 31, 2016, there were no amounts outstanding under the revolving credit facility, and $65.4 million of letters of credit under the revolving credit facility, which reduce availability under the facility. 14.0% Senior Notes due 2021 As of December 31, 2016, iHeartCommunications had outstanding approximately $1.7 billion of aggregate principal amount of 14.0% Senior Notes due 2021 (net of $440.6 million principal amount held by a subsidiary of iHeartCommunications). The 14.0% Senior Notes due 2021 mature on February 1, 2021. Interest on the 14.0% Senior Notes due 2021 is payable semi-annually on February 1 and August 1 of each year. Interest on the 14.0% Senior Notes due 2021 will be paid at the rate of (i) 12.0% per annum in cash and (ii) 2.0% per annum through the issuance of payment-in-kind notes (the “PIK Notes”). Any PIK Notes issued in certificated form will be dated as of the applicable interest payment date and will bear interest from and after such date. All PIK Notes issued will mature on February 1, 2021 and have the same rights and benefits as the 14.0% Senior Notes due 2021. Beginning with the interest payment due August 1, 2018 and continuing on each interest payment date thereafter, redemptions of a portion of the principal amount then outstanding will become due for purposes of applicable high yield discount obligation (“AHYDO”) catch-up payments. The 14.0% Senior Notes due 2021 are fully and unconditionally guaranteed on a senior basis by the guarantors named in the indenture governing such notes. The guarantee is structurally subordinated to all existing and future indebtedness and other liabilities of any subsidiary of the applicable subsidiary guarantor that is not also a guarantor of the 14.0%Senior Notes due 2021. The guarantees are subordinated to the guarantees of iHeartCommunications' senior secured credit facilities and certain other permitted debt, but rank equal to all other senior indebtedness of the guarantors. iHeartCommunications may redeem the 14.0% Senior Notes due 2021, in whole or in part, within certain dates, at the redemption prices set forth in the indenture plus accrued and unpaid interest to the redemption date. The indenture governing the 14.0% Senior Notes due 2021 contains covenants that limit iHeartCommunications' ability and the ability of its restricted subsidiaries to, among other things: (i) incur additional indebtedness or issue certain preferred stock; (ii) pay dividends on, or make distributions in respect of, iHeartCommunications' capital stock or repurchase iHeartCommunications' capital stock; (iii) make certain investments or other restricted payments; (iv) sell certain assets; (v) create liens or use assets as security in other transactions; (vi) merge, consolidate or transfer or dispose of substantially all of iHeartCommunications' assets; (vii) engage in transactions with affiliates; and (viii) designate iHeartCommunications' subsidiaries as unrestricted subsidiaries. Legacy Notes As of December 31, 2016 and 2015, 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, |  | December 31,
| 2016 |  | 2015
5.5% Senior Notes Due 2016(1) | $ | — |  |  | $ | 192,900 |
6.875% Senior Notes Due 2018 | 175,000 |  |  | 175,000 |
7.25% Senior Notes Due 2027 | 300,000 |  |  | 300,000 |
Total Legacy Notes | $ | 475,000 |  |  | $ | 667,900 |
(1) | In December 2016, iHeartCommunications repaid at maturity $192.9 million of 5.5% Senior Notes due 2016 and did not pay $57.1 million of the notes held by a subsidiary of the Company. The $57.1 million of aggregate principal amount remains outstanding and is eliminated for purposes of consolidation of the Company’s financial statements.
These senior notes were the obligations of iHeartCommunications prior to the merger in 2008. The senior notes are senior, unsecured obligations that are effectively subordinated to iHeartCommunications' secured indebtedness to the extent of the value of iHeartCommunications' assets securing such indebtedness and are not guaranteed by any of iHeartCommunications' subsidiaries and, as a result, are structurally subordinated to all indebtedness and other liabilities of iHeartCommunications' subsidiaries. The senior notes rank equally in right of payment with all of iHeartCommunications' existing and future senior indebtedness and senior in right of payment to all existing and future subordinated indebtedness. 10.0% Senior Notes due 2018 As of December 31, 2016, iHeartCommunications had outstanding $347.0 million aggregate principal amount of 10.0% Senior Notes due 2018 (net of $503.0 million aggregate principal amount held by certain subsidiaries of iHeartCommunications). 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 15 and July 15 of each year. On December 20, 2016, iHeartCommunications commenced an offer to noteholders to exchange its 10.0% Senior Notes due 2018 for newly-issued 11.25% Priority Guarantee Notes which will be issued as “additional notes” under the indenture governing iHeartCommunications' existing 11.25% Priority Guarantee Notes due 2021. On February 7, 2017, iHeartCommunications completed the exchange offer by issuing $476.4 million in aggregate principal amount of 11.25% Priority Guarantee Notes due 2021 in exchange for $476.4 million of aggregate principal amount outstanding of its 10.0% Senior Notes due 2018, of which $241.4 million is held by subsidiaries of iHeartCommunications. The 10% Senior Notes due 2018 are senior, unsecured obligations that are effectively subordinated to iHeartCommunications' secured indebtedness to the extent of the value of iHeartCommunications' assets securing such indebtedness and are not guaranteed by any of iHeartCommunications' subsidiaries and, as a result, are structurally subordinated to all indebtedness and other liabilities of iHeartCommunications' subsidiaries. The 10.0% Senior Notes due 2018 rank equally in right of payment with all of iHeartCommunications' existing and future senior indebtedness and senior in right of payment to all existing and future subordinated indebtedness. Subsidiary Senior Notes As of December 31, 2016 and 2015, the Company's subsidiaries, Clear Channel Worldwide Holdings, Inc. ("CCWH") and Clear Channel International B.V. had outstanding notes consisting of:
(In thousands) |  |  |  |  |  |  | December 31, |  | December 31,
| Maturity Date |  | Interest Rate |  | Interest Payment Terms |  | 2016 |  | 2015
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 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 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 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 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 |
Clear Channel International B.V. Senior Notes: |  |  |  |  |  |
8.75% Senior Notes Due 2020 | 12/15/2020 |  | 8.75% |  | Payable semi-annually in arrears on June 15 and December 15 of each year |  | $ | 225,000 |  |  | $ | 225,000 |
Total Subsidiary Senior Notes |  |  |  |  |  |  | $ | 5,150,000 |  |  | $ | 5,150,000 |
CCWH Senior and Senior Subordinated Notes The CCWH Senior Notes are guaranteed by CCOH, Clear Channel Outdoor, Inc. (“CCOI”) and certain of CCOH’s direct and indirect subsidiaries. The CCWH Senior Subordinated Notes are fully and unconditionally guaranteed, jointly and severally, on a senior subordinated basis by CCOH, CCOI and certain of CCOH’s other domestic subsidiaries and rank junior to each guarantor’s existing and future senior debt, including the CCWH Senior Notes, equally with each guarantor’s existing and future senior subordinated debt and ahead of each guarantor’s existing and future debt that expressly provides that it is subordinated to the guarantees of the CCWH Senior Subordinated Notes. The CCWH Senior Notes are senior obligations that rank pari passu in right of payment to all unsubordinated indebtedness of CCWH and the guarantees of the CCWH Senior Notes rank pari passu in right of payment to all unsubordinated indebtedness of the guarantors. The CCWH Senior Subordinated Notes are unsecured senior subordinated obligations that rank junior to all of CCWH’s existing and future senior debt, including the CCWH Senior Notes, equally with any of CCWH’s existing and future senior subordinated debt and ahead of all of CCWH’s existing and future debt that expressly provides that it is subordinated to the CCWH Senior Subordinated Notes. Redemptions CCWH may redeem the CCWH Senior Notes and the CCWH Senior Subordinated Notes at its option, in whole or in part, at redemption prices set forth in the indentures plus accrued and unpaid interest to the redemption dates and plus an applicable premium. Certain Covenants The indentures governing the CCWH Senior Notes and the CCWH Senior Subordinated Notes contain covenants that limit CCOH and its restricted subsidiaries ability to, among other things:
• | incur or guarantee additional debt or issue certain preferred stock;
• | make certain investments;
• | in case of the Senior Notes, create liens on its restricted subsidiaries’ assets to secure such debt;
• | create restrictions on the payment of dividends or other amounts to it from its restricted subsidiaries that are not guarantors of the notes;
• | enter into certain transactions with affiliates;
• | merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of its assets;
• | sell certain assets, including capital stock of its subsidiaries; and
• | in the case of the Series B CCWH Senior Notes and the Series B CCWH Senior Subordinated Notes, pay dividends, redeem or repurchase capital stock or make other restricted payments.
Clear Channel International B.V. Senior Notes The Clear Channel International B.V. Senior Notes ("CCIBV Senior Notes") are guaranteed by certain of the International outdoor business’s existing and future subsidiaries. The Company does not guarantee or otherwise assume any liability for the CCIBV Senior Notes. The notes are senior unsecured obligations that rank pari passu in right of payment to all unsubordinated indebtedness of Clear Channel International B.V., and the guarantees of the notes are senior unsecured obligations that rank pari passu in right of payment to all unsubordinated indebtedness of the guarantors of the notes. Redemptions Clear Channel International B.V. may redeem the notes at its option, in whole or part, at the redemption prices set forth in the indenture plus accrued and unpaid interest to the redemption date. Certain Covenants The indenture governing the CCIBV Senior Notes contains covenants that limit Clear Channel International B.V.’s ability and the ability of its restricted subsidiaries to, among other things:
• | pay dividends, redeem stock or make other distributions or investments;
• | incur additional debt or issue certain preferred stock;
• | transfer or sell assets;
• | create liens on assets;
• | engage in certain transactions with affiliates;
• | create restrictions on dividends or other payments by the restricted subsidiaries; and
• | merge, consolidate or sell substantially all of Clear Channel International B.V.’s assets.
Future Maturities of Long-term Debt Future maturities of long-term debt at December 31, 2016 are as follows:
(in thousands) |
2017 | $ | 343,450 |
2018 | 534,287 |
2019 | 8,304,297 |
2020 | 2,430,131 |
2021 | 4,060,007 |
Thereafter | 4,982,780 |
Total (1) (2) | $ | 20,654,952 |
(1) | Excludes purchase accounting adjustments and original issue discount of $167.0 million and long-term debt fees of $123.0 million, which are amortized through interest expense over the life of the underlying debt obligations.
(2) | Excludes certain estimated applicable high yield discount obligation (“AHYDO”) catch-up payments on the principal amount outstanding of Senior Notes due 2021 of $24.8 million, $64.7 million, and $68.4 million in 2018, 2019 and 2020, respectively.
Surety Bonds, Letters of Credit and Guarantees As of December 31, 2016, iHeartCommunications had outstanding surety bonds, commercial standby letters of credit and bank guarantees of $60.0 million, $103.4 million and $35.7 million, respectively. Bank guarantees of $18.8 million were cash secured. 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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