Schedule of Long-Term Debt |
As of December 31, 2017 and 2016, iHeartCommunications had outstanding Priority Guarantee Notes consisting of: | | | | | | | | | | | | | | | (In thousands) | | | | | | | December 31, | | December 31, | | Maturity Date | | Interest Rate | | Interest Payment Terms | | 2017 | | 2016 | 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 | | 870,546 |
| | 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 | | | | | $ | 6,570,361 |
| | $ | 6,274,815 |
|
As of December 31, 2017 and 2016, 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 | | 2017 | | 2016 | 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 | | $ | 375,000 |
| | $ | 225,000 |
| Total Subsidiary Senior Notes | | | | | | | $ | 5,300,000 |
| | $ | 5,150,000 |
|
As of December 31, 2017 and 2016, iHeartCommunications had senior secured credit facilities consisting of: | | | | | | | | | | | (In thousands) | | | December 31, | | December 31, | | Maturity Date | | 2017 | | 2016 | 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 |
|
| | | | | | | | | (In thousands) | December 31, | | December 31, | | 2017 | | 2016 | Senior Secured Credit Facilities | $ | 6,300,000 |
| | $ | 6,300,000 |
| Receivables Based Credit Facility Due 2019(1) | 405,000 |
| | 330,000 |
| Priority Guarantee Notes | 6,570,361 |
| | 6,274,815 |
| Subsidiary Revolving Credit Facility Due 2018 | — |
| | — |
| Other Secured Subsidiary Debt | 8,522 |
| | 20,987 |
| Total Consolidated Secured Debt | 13,283,883 |
| | 12,925,802 |
| | | | | 14.0% Senior Notes Due 2021 | 1,763,925 |
| | 1,729,168 |
| Legacy Notes(2) | 475,000 |
| | 475,000 |
| 10.0% Senior Notes Due 2018 | 47,482 |
| | 347,028 |
| Subsidiary Senior Notes | 5,300,000 |
| | 5,150,000 |
| Other Subsidiary Debt | 24,615 |
| | 27,954 |
| Purchase accounting adjustments and original issue discount | (136,653 | ) | | (166,961 | ) | Long-term debt fees | (109,071 | ) | | (123,003 | ) | | 20,649,181 |
| | 20,364,988 |
| Less: current portion | 14,972,367 |
| | 342,908 |
| Total long-term debt | $ | 5,676,814 |
| | $ | 20,022,080 |
|
| | (1) | On November 30, 2017, iHeartCommunications refinanced its receivables based credit facility and replaced it with a $300.0 million term loan and revolving credit commitments of $250.0 million. On November 30, 2017, $300.0 million was drawn on the term loan and $65.0 million on the revolving credit commitments for a total of $365.0 million. The facility has a three-year term, maturing in 2020 and accrues interest at a rate of LIBOR plus 4.75%. On December 27, 2017, iHeartCommunications incurred $40.0 million of additional borrowings under the revolving credit loan portion of its new receivables based credit facility bringing its total outstanding borrowings under this facility to $405.0 million. |
| | (2) | 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. |
As of December 31, 2017 and 2016, 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, | | 2017 | | 2016 | 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 |
| | $ | 475,000 |
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