LONG-TERM DEBT

Long-term debt outstanding as of September 30, 2017 and December 31, 2016 consisted of the following:



(In thousands)	September 30, 2017			December 31, 2016
Senior Secured Credit Facilities⁽¹⁾	$	6,300,000		$	6,300,000
Receivables Based Credit Facility Due 2017⁽²⁾	365,000			330,000
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	825,546			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⁾	8,681			20,987
Total consolidated secured debt	13,199,042			12,925,802

14.0% Senior Notes Due 2021⁽⁵⁾	1,763,925			1,729,168
Legacy Notes⁽⁶⁾	475,000			475,000
10.0% Senior Notes Due 2018	96,482			347,028
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	375,000			225,000
Other subsidiary debt	25,588			27,954
Purchase accounting adjustments and original issue discount	(142,796		)	(166,961		)
Long-term debt fees	(102,341		)	(123,003		)
Total debt	20,614,900			20,364,988
Less: current portion	619,003			342,908
Total long-term debt	$	19,995,897		$	20,022,080


(1)	Term Loan D and Term Loan E mature in 2019.


(2)	The Receivables Based Credit Facility, which matures December 24, 2017, 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 the Company's 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 2017 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)	The Company's Legacy Notes, all of which were issued prior to the acquisition of the Company by Parent in 2008, consist of Senior Notes maturing at various dates in 2018 and 2027, as well as $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.

The Company’s weighted average interest rate was 8.7% and 8.5% as of September 30, 2017 and December 31, 2016, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $15.8 billion and $16.7 billion as of September 30, 2017 and December 31, 2016, 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.

On January 31, 2017, the Company repaid $25.0 million of the amount borrowed under our receivables-based credit facility. On July 31, 2017, the Company borrowed an additional $60.0 million on our receivables-based credit facility, bringing the total amount outstanding under this facility as of September 30, 2017 to $365.0 million.

On February 7, 2017, the Company completed an 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 our 10.0% Senior Notes due 2018. Of the $476.4 million principal amount of 11.25% Priority Guarantee Notes due 2021 issued in the exchange offer, $241.4 million principal amount was issued to subsidiaries of the Company that participated in the exchange offer.

On March 15, 2017, the Company commenced exchange offers (the “notes exchange offers”) to exchange certain series of our outstanding debt securities (the “Existing Notes”) for new securities of Parent, the Company and CC Outdoor Holdings, Inc., a wholly-owned subsidiary of Parent, and concurrent consent solicitations with respect to the terms of the Existing Notes. On March 15, 2017, the Company also commenced offers (the “term loan offers”) to amend its outstanding Term Loan D and Term Loan E under its senior secured credit facilities and/or to issue new securities of Parent, CC Outdoor Holdings, Inc., Broader Media, LLC and/or the Company to the lenders depending on the scenario in which the notes exchange offers and the term loan offers close. The terms of the notes exchange offers and the term loan offers have been revised and are subject to substantial further revision, and the offers may never be consummated, on the terms currently proposed or otherwise. Both the notes exchange offers and the term loan offers were open as of November 8, 2017.

On July 10, 2017, a subsidiary of the Company exchanged $15.6 million aggregate principal amount of 11.25% Priority Guarantee Notes due 2021 that were held by a subsidiary of the Company for $15.6 million aggregate principal amount of its 10.0% Senior Notes due 2018 that were held by an unaffiliated third party.

On August 14, 2017, Clear Channel International B.V. (“CCIBV”), an indirect subsidiary of the Company, issued $150.0 million in aggregate principal amount of 8.75% Senior Notes due 2020 (the “New Notes”). The New Notes were issued as additional notes under the indenture governing CCIBV’s existing 8.75% Senior Notes due 2020 and were issued at a premium, resulting in $156.0 million in proceeds. The New Notes mature on December 15, 2020 and bear interest at a rate of 8.75% per annum, payable semi-annually in arrears on June 15 and December 15 of each year.

In October 2017, a subsidiary of the Company exchanged $45.0 million aggregate principal amount of 11.25% Priority Guarantee Notes due 2021 that were held by a subsidiary of the Company for $45.0 million aggregate principal amount of 10.0% Senior Notes due 2018 that were held by unaffiliated third parties.

Surety Bonds, Letters of Credit and Guarantees

As of September 30, 2017, the Company had outstanding surety bonds, commercial standby letters of credit and bank guarantees of $72.1 million, $144.5 million and $36.6 million, respectively. Bank guarantees and letters of credit of $17.3 million and $28.8 million, respectively, 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.