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LONG-TERM DEBT | 3 Months Ended
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Mar. 31, 2019
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt outstanding as of March 31, 2019 and December 31, 2018 consisted of the following:
(In thousands) | March 31, 2019 |  | December 31, 2018
Senior Secured Credit Facilities | $ | — |  |  | $ | — |
Debtors-in-Possession Facility(1) | — |  |  | — |
9.0% Priority Guarantee Notes Due 2019 | — |  |  | — |
9.0% Priority Guarantee Notes Due 2021 | — |  |  | — |
11.25% Priority Guarantee Notes Due 2021 | — |  |  | — |
9.0% Priority Guarantee Notes Due 2022 | — |  |  | — |
10.625% Priority Guarantee Notes Due 2023 | — |  |  | — |
CCO Receivables Based Credit Facility Due 2023(2) | — |  |  | — |
Other secured subsidiary debt(3) | 3,828 |  |  | 3,882 |
Total consolidated secured debt | 3,828 |  |  | 3,882 |
14.0% Senior Notes Due 2021 | — |  |  | — |
Legacy Notes(4) | — |  |  | — |
CCWH Senior Notes due 2022 | 2,725,000 |  |  | 2,725,000 |
CCWH Subordinated Notes due 2020(5) | — |  |  | 2,200,000 |
CCWH Subordinated Notes due 2024(5) | 2,235,000 |  |  | — |
Clear Channel International B.V. Senior Notes due 2020 | 375,000 |  |  | 375,000 |
Other subsidiary debt | 46,510 |  |  | 46,105 |
Purchase accounting adjustments and original issue discount | (867 | ) |  | (739 | )
Long-term debt fees | (44,322 | ) |  | (25,808 | )
Long-term debt, net subject to compromise(6) | 15,143,713 |  |  | 15,149,477 |
Total debt, prior to reclassification to Liabilities subject to compromise | 20,483,862 |  |  | 20,472,917 |
Less: Current portion | 46,744 |  |  | 46,332 |
Less: Amounts reclassified to Liabilities subject to compromise | 15,143,713 |  |  | 15,149,477 |
Total long-term debt | $ | 5,293,405 |  |  | $ | 5,277,108 |
(1) | The Debtors-in-Possession Facility (the "DIP Facility"), which matures on the earlier of the emergence date from the Chapter 11 Cases or June 14, 2019, provides for borrowings of up to $450.0 million. The DIP Facility also includes a feature to convert into an exit facility at emergence, upon meeting certain conditions. As of March 31, 2019, the Company had a borrowing base of $426.8 million under iHeartCommunications' DIP Facility, had no outstanding borrowings, had $59.0 million of outstanding letters of credit and had an availability block requirement of $37.5 million, resulting in $330.3 million of excess availability.
(2) | The receivables based credit facility provides for revolving credit commitments of up to $125.0 million. As of March 31, 2019, the facility had $85.5 million of letters of credit outstanding and a borrowing base of $116.2 million, resulting in $30.7 million of excess availability. Certain additional restrictions, including a springing financial covenant, take effect at decreased levels of excess availability.
(3) | Other secured subsidiary debt matures at various dates from 2019 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 February 4, 2019, Clear Channel Worldwide Holdings, Inc., a subsidiary of CCOH (“CCWH”), delivered a conditional notice of redemption calling all of its outstanding $275.0 million aggregate principal amount of 7.625% Series A Senior Subordinated Notes due 2020 (the “Series A CCWH Subordinated Notes”) and $1,925.0 million aggregate principal amount of 7.625% Series B Senior Subordinated Notes due 2020 (the “Series B CCWH Subordinated Notes” and together with the Series A CCWH Subordinated Notes, the “CCWH Subordinated Notes”) for redemption on March 6, 2019. The redemption was conditioned on the closing of the offering of $2,235.0 million of newly-issued 9.25% Senior Subordinated Notes due 2024 (the "New CCWH Subordinated Notes"). At the closing of such offering on February 12, 2019, CCWH deposited with the trustee for the CCWH Subordinated Notes a portion of the proceeds from the new notes in an amount sufficient to pay and discharge the principal amount outstanding, plus accrued and unpaid interest on the CCWH Subordinated Notes to, but not including, the redemption date. CCWH irrevocably instructed the trustee to apply such funds to the full payment of the CCWH Subordinated Notes on the redemption date. Concurrently therewith, CCWH elected to satisfy and discharge the indentures governing the CCWH Subordinated Notes in accordance with their terms and the trustee acknowledged such satisfaction and discharge. As a result of the satisfaction and discharge of the indentures, CCWH and the guarantors of the CCWH Subordinated Notes were released from their remaining obligations under the indentures and the CCWH Subordinated Notes.
(6) | In connection with the Company's Chapter 11 Cases, the $6,300.0 million 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, $6.0 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 $10.8 million outstanding Other Subsidiary Debt have been reclassified to Liabilities subject to compromise in the Company's Consolidated Balance Sheet as of March 31, 2019. 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.
The Company’s weighted average interest rate was 9.4% and 9.2% as of March 31, 2019 and December 31, 2018, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $14.9 billion and $14.0 billion as of March 31, 2019 and December 31, 2018, 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 Guarantees As of March 31, 2019, the Company and its subsidiaries had outstanding surety bonds, commercial standby letters of credit and bank guarantees of $74.2 million, $144.5 million and $37.3 million, respectively. A portion of the outstanding bank guarantees were supported by $16.9 million of 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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