LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2017

As of December 31, 2017 and 2016, the Company 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

As of December 31, 2017 and 2016, the Company had outstanding senior notes (net of $57.1 million aggregate principal amount held by a subsidiary of the Company) 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

debt at December 31, 2017 and 2016 consisted of the following. The indebtedness of the Debtors has been reclassified to current liabilities at December 31, 2017.



(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, the Company 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, the Company incurred $40.0 million of additional borrowings under the revolving credit loan portion of our new receivables based credit facility bringing our 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, 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, the Company 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

Schedule of Future Maturities of Long-term Debt

Future maturities of long-term debt at December 31, 2017 are as follows:



(in thousands)
2018	$	15,167,882
2019	4,376
2020	2,984,972
2021	5,654
2022	2,725,282
Thereafter	6,739
Total ^{(1) (2)}	$	20,894,905


(1)	Excludes purchase accounting adjustments and original issue discount of $136.6 million and long-term debt fees of $109.1 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 $64.7 million and $68.4 million in 2019 and 2020, respectively.