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LONG-TERM DEBT (Tables) | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Outstanding | Long-term debt outstanding as of September 30, 2018 and December 31, 2017 consisted of the following:
(In thousands) | September 30, 2018 |  | December 31, 2017
Senior Secured Credit Facilities | $ | — |  |  | $ | 6,300,000 |
Receivables Based Credit Facility due 2020(1) | — |  |  | 405,000 |
Debtors-in-Possession Facility(1) | — |  |  | — |
9.0% Priority Guarantee Notes Due 2019 | — |  |  | 1,999,815 |
9.0% Priority Guarantee Notes Due 2021 | — |  |  | 1,750,000 |
11.25% Priority Guarantee Notes Due 2021 | — |  |  | 870,546 |
9.0% Priority Guarantee Notes Due 2022 | — |  |  | 1,000,000 |
10.625% Priority Guarantee Notes Due 2023 | — |  |  | 950,000 |
CCO Receivables Based Credit Facility Due 2023(2) | — |  |  | — |
Other secured subsidiary debt(3) | 4,034 |  |  | 8,522 |
Total consolidated secured debt | 4,034 |  |  | 13,283,883 |
14.0% Senior Notes Due 2021 | — |  |  | 1,763,925 |
Legacy Notes(4) | — |  |  | 475,000 |
10.0% Senior Notes Due 2018(5) | — |  |  | 47,482 |
CCWH Senior Notes due 2022 | 2,725,000 |  |  | 2,725,000 |
CCWH Senior Subordinated Notes due 2020 | 2,200,000 |  |  | 2,200,000 |
Clear Channel International B.V. Senior Notes due 2020 | 375,000 |  |  | 375,000 |
Other subsidiary debt | 26 |  |  | 24,615 |
Purchase accounting adjustments and original issue discount(6) | (611 | ) |  | (136,653 | )
Long-term debt fees(6) | (28,612 | ) |  | (109,071 | )
Long-term debt, net subject to compromise(7) | 15,148,955 |  |  | — |
Total debt, prior to reclassification to Liabilities subject to compromise | 20,423,792 |  |  | 20,649,181 |
Less: current portion | 347 |  |  | 14,972,367 |
Less: Amounts reclassified to Liabilities subject to compromise | 15,148,955 |  |  | — |
Total long-term debt | $ | 5,274,490 |  |  | $ | 5,676,814 |
(1) | On June 14, 2018 (the “DIP Closing Date”), iHeartCommunications refinanced its receivables based credit facility with a new $450.0 million debtors-in-possession credit facility (the "DIP Facility"), which matures on the earlier of the emergence date from the Chapter 11 Cases or June 14, 2019. The DIP Facility also includes a feature to convert into an exit facility at emergence, upon meeting certain conditions. The DIP Facility accrues interest at LIBOR plus 2.25%. At closing, iHeartCommunications drew $125.0 million on the DIP Facility. On June 14, 2018, the Company used proceeds from the DIP Facility and cash on hand to repay the outstanding $306.4 million and $74.3 million term loan and revolving credit commitments, respectively, of the iHeartCommunications receivables based credit facility. Long-term debt fees incurred in relation to the DIP Facility were expensed as incurred and are reflected within Reorganization items, net in the Company's Consolidated Statement of Comprehensive Income (Loss). On August 16, 2018 and September 17, 2018, the Company repaid $100.0 million and $25.0 million, respectively, of the amount drawn under the DIP Facility. As of September 30, 2018, the Company had a borrowing limit of $450.0 million under iHeartCommunications' DIP Facility, had no outstanding borrowings, had $65.3 million of outstanding letters of credit and had an availability block requirement of $37.5 million, resulting in $347.2 million of excess availability.
(2) | On June 1, 2018, a subsidiary of the Company's Outdoor advertising subsidiary, Clear Channel Outdoor, Inc. ("CCO"), refinanced CCOH's senior revolving credit facility and replaced it with an asset based credit facility that provided for revolving credit commitments of up to $75.0 million. On June 29, 2018, CCO entered into an amendment providing for a $50.0 million incremental increase of the facility, bringing the aggregate revolving credit commitments to $125.0 million. The facility has a five-year term, maturing in 2023. As of September 30, 2018, the facility had $86.4 million of letters of credit outstanding and a borrowing base of $113.0 million, resulting in $26.6 million of excess availability.
(3) | Other secured subsidiary debt matures at various dates from 2018 through 2045.
(4) | iHeartCommunications' Legacy Notes, all of which were issued prior to the acquisition of iHeartCommunications by the Company in 2008, consist of $175.0 million of Senior Notes that matured on June 15, 2018, $300.0 million of Senior Notes that mature in 2027 and $57.1 million of Senior Notes due 2016 held by a subsidiary of the Company that remain outstanding but are eliminated for purposes of consolidation of the Company’s financial statements.
(5) | On January 4, 2018, a subsidiary of iHeartCommunications repurchased $5.4 million aggregate principal amount of 10.0% Senior Notes due 2018 that were held by unaffiliated third parties for $5.3 million in cash. On January 16, 2018, iHeartCommunications repaid the remaining balance of $42.1 million aggregate principal amount of 10.0% Senior Notes due 2018 at maturity.
(6) | As a result of the Company's Chapter 11 Cases, the Company expensed $67.1 million of deferred long-term debt fees and $131.1 million of original issue discount to Reorganization items, net, in the Consolidated Statement of Comprehensive Income (Loss) for the nine months ended September 30, 2018.
(7) | In connection with the Company's Chapter 11 Cases, the $6.3 billion outstanding under the Senior Secured Credit Facilities, the $1,999.8 million outstanding under the 9.0% Priority Guarantee Notes due 2019, the $1,750.0 million outstanding under the 9.0% Priority Guarantee Notes due 2021, the $870.5 million of 11.25% Priority Guarantee Notes due 2021, the $1,000.0 million outstanding under the 9.0% Priority Guarantee Notes due 2022, the $950.0 million outstanding under the 10.625% Priority Guarantee Notes due 2023, $6.1 million outstanding Other Secured Subsidiary debt, the $1,781.6 million outstanding under the 14.0% Senior Notes due 2021, the $475.0 million outstanding under the Legacy Notes and $16.0 million outstanding Other Subsidiary Debt have been reclassified to Liabilities subject to compromise in the Company's Consolidated Balance Sheet as of September 30, 2018. As of the Petition Date, the Company ceased making principal and interest payments, and ceased accruing interest expense in relation to long-term debt reclassified as Liabilities subject to compromise.

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