During the nine months ended September 30, 2013, subsidiaries of the Company entered into the following debt transactions:Clear Channel Communications, Inc. (a subsidiary of CC Media Holdings, Inc.)
- Issued $575 million aggregate principal amount of 11.25% Priority Guarantee Notes due 2021.
- Repaid 5.75% senior notes at maturity for $312 million.
- Repaid all $847 million outstanding under term loan A under the senior secured credit facilities.
- Extended $5.0 billion of Term Loan B and Term Loan C facilities due 2016 through a new Term Loan D facility due 2019.
- Exchanged $348.1 million of existing 10.75% Senior Cash Pay Notes due 2016 for $348.0 million of newly-issued Senior Notes due 2021. Exchanged $917.2 million of 11.00%/11.75% Senior Toggle Notes due 2016 for $64.2 million in cash and $853.0 million in new Senior Notes due 2021; as part of the transaction, a subsidiary of the Company exchanged $452.7 million of 11.00%/11.75% Senior Toggle Notes due 2016 for $31.7 million in cash and $421.0 million in new Senior Notes due 2021. The new Senior Notes due 2021 have a cash coupon of 12.0% and a payment in kind coupon of 2.0%.
- Entered into a $75 million five-year senior secured revolving credit facility for working capital, to issue letters of credit and for other general corporate purposes. At September 30, 2013, there were no amounts outstanding under the revolving credit facility.