Rendering

Component: (Network and Table)
Network
2305301 - Disclosure - LONG-TERM DEBT (Tables)
(http://www.iheartcommunications.com/role/LongTermDebtTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Debt Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Debt Disclosure [Abstract]
 
Schedule of Long-Term Debt
As of December 31, 2016 and 2015, the Company had outstanding Priority Guarantee Notes consisting of:
(In thousands)
 
 
 
 
 
 
December 31,
 
December 31,
 
Maturity Date
 
Interest Rate
 
Interest Payment Terms
 
2016
 
2015
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
 
575,000

 
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
 
 
 
 
$
6,274,815

 
$
6,274,815

As of December 31, 2016 and 2015, 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,
 
2016
 
2015
5.5% Senior Notes Due 2016(1)
$

 
$
192,900

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

 
$
667,900


(1)
In December 2016, we repaid at maturity $192.9 million of 5.5% Senior Notes due 2016 and did not pay $57.1 million of the notes held by a subsidiary of the Company. The $57.1 million of aggregate principal amount remains outstanding and is eliminated for purposes of consolidation of the Company’s financial statements.
As of December 31, 2016 and 2015, the Company had senior secured credit facilities consisting of:
(In thousands)
 
 
December 31,
 
December 31,
 
Maturity Date
 
2016
 
2015
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

Long-term debt at December 31, 2016 and 2015 consisted of the following:
(In thousands)
December 31,
 
December 31,
 
2016
 
2015
Senior Secured Credit Facilities
$
6,300,000

 
$
6,300,000

Receivables Based Credit Facility Due 2017
330,000

 
230,000

Priority Guarantee Notes
6,274,815

 
6,274,815

Subsidiary Revolving Credit Facility Due 2018

 

Other Secured Subsidiary Debt
20,987

 
25,228

Total Consolidated Secured Debt
12,925,802

 
12,830,043

 
 
 
 
14.0% Senior Notes Due 2021
1,729,168

 
1,695,097

Legacy Notes(1)
475,000

 
667,900

10.0% Senior Notes Due 2018
347,028

 
730,000

Subsidiary Senior Notes
5,150,000

 
5,150,000

Other Subsidiary Debt
27,954

 
165

Purchase accounting adjustments and original issue discount
(166,961
)
 
(204,611
)
Long-term debt fees
(123,003
)
 
(147,983
)
 
20,364,988

 
20,720,611

Less: current portion
342,908

 
181,512

Total long-term debt
$
20,022,080

 
$
20,539,099


(1)
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, 2016 and 2015, 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
 
2016
 
2015
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
 
$
225,000

 
$
225,000

Total Subsidiary Senior Notes
 
 
 
 
 
 
$
5,150,000

 
$
5,150,000

 
 
Schedule of Future Maturities of Long-term Debt
Future maturities of long-term debt at December 31, 2016 are as follows:
(in thousands)
 
2017
$
343,450

2018
534,287

2019
8,304,297

2020
2,430,131

2021
4,060,007

Thereafter
4,982,780

Total (1) (2)
$
20,654,952

(1)
Excludes purchase accounting adjustments and original issue discount of $167.0 million and long-term debt fees of $123.0 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 $24.8 million, $64.7 million, and $68.4 million in 2018, 2019 and 2020, respectively.