Long-Term Debt

3 Months Ended

Mar. 31, 2016

NOTE 3 – LONG-TERM DEBT
Long-term debt outstanding as of March 31, 2016 and December 31, 2015 consisted of the following:

(In thousands)		March 31,		December 31,
		2016		2015
Senior Secured Credit Facilities⁽¹⁾			$6,300,000		$6,300,000
Receivables Based Credit Facility Due 2017⁽²⁾			230,000		230,000
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			575,000		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⁾			25,111		25,228
Total consolidated secured debt			12,829,926		12,830,043

14.0% Senior Notes Due 2021⁽⁵⁾			1,712,048		1,695,097
The Company's Legacy Notes⁽⁶⁾			667,900		667,900
10.0% Senior Notes Due 2018			730,000		730,000
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			225,000		225,000
Other subsidiary debt			154		165
Purchase accounting adjustments and original issue discount			(195,677)		(204,611)
Long-term debt fees			(139,939)		(147,983)
Total debt			20,754,412		20,720,611
Less: current portion			185,549		181,512
Total long-term debt		$	20,568,863	$	20,539,099

⁽¹⁾	Term Loan D and Term Loan E mature in 2019.
⁽²⁾	The Receivables Based Credit Facility 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 2016 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 2016, 2018 and 2027.

The Company’s weighted average interest rates as of March 31, 2016 and December 31, 2015 were 8.5% at both dates. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $14.9 billion and $15.2 billion as of March 31, 2016 and December 31, 2015, 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, 2016, the Company had outstanding surety bonds, commercial standby letters of credit and bank guarantees of $62.6 million, $94.1 million and $59.3 million, respectively. Bank guarantees of $24.1 million 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.