Long-Term Debt (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Schedule of Long-Term Debt

Long-term debt at March 31, 2015 and December 31, 2014 consisted of the following:

(In thousands)	March 31,      2015		December 31,      2014
Senior Secured Credit Facilities(1)	$	6,300,000	$	7,231,222
Receivables Based Credit Facility Due 2017		120,000		-
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		-
Subsidiary Revolving Credit Facility Due 2018		-		-
Other Secured Subsidiary Debt(2)		16,729		19,257
Total Consolidated Secured Debt		12,711,544		12,575,294
14.0% Senior Notes Due 2021		1,678,314		1,661,697
iHeartCommunications Legacy Notes(3)		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
Other Subsidiary Debt		467		1,024
Purchase accounting adjustments and original issue discount		(227,186)		(234,897)
Total debt		20,486,039		20,326,018
Less: current portion		2,844		3,604
Total long-term debt	$	20,483,195	$	20,322,414

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

⁽²⁾  Other secured subsidiary debt matures at various dates from 2015 through 2025.

⁽³⁾  iHeartCommunications’ Legacy Notes, all of which were issued prior to the acquisition by iHeartMedia, Inc., consist of Senior Notes maturing at various dates from 2016 through 2027.

Long-term debt at December 31, 2014 and 2013 consisted of the following:

(In thousands)	December 31,      2014		December 31,      2013
Senior Secured Credit Facilities		7,231,222		8,225,754
Receivables Based Facility Due 2017		-		247,000
Priority Guarantee Notes		5,324,815		4,324,815
Subsidiary Revolving Credit Facility Due 2018		-		-
Other Secured Subsidiary Debt		19,257		21,124
Total Consolidated Secured Debt		12,575,294		12,818,693
10.75% Senior Cash Pay Notes Due 2016		-		94,304
11.00%/11.75% Senior Toggle Notes Due 2016		-		127,941
14.0% Senior Notes Due 2021		1,661,697		1,404,202
iHeartCommunications Legacy Notes		667,900		1,436,455
10.0% Senior Notes Due 2018		730,000		-
Subsidiary Senior Notes		4,925,000		4,925,000
Other Subsidiary Debt		1,024		10
Purchase accounting adjustments and original issue discount		(234,897)		(322,392)
		20,326,018		20,484,213
Less: current portion		3,604		453,734
Total long-term debt	$	20,322,414	$	20,030,479

As of December 31, 2014, iHeartCommunications had senior secured credit facilities consisting of:

(In thousands)	Maturity     Date	December 31,     2014		December 31,     2013
Term Loan B	1/29/2016	$	916,061		1,890,978
Term Loan C	1/29/2016		15,161		34,776
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		$	7,231,222	$	8,225,754

Priority Guarantee Notes

As of December 31, 2014, iHeartCommunications had outstanding Priority Guarantee Notes consisting of:

(In thousands)	Maturity Date	Interest Rate		Interest Payment Terms	December 31, 2014		December 31, 2013
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 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		-
Total Priority Guarantee Notes					$	5,324,815		4,324,815

Legacy Notes

As of December 31, 2014, iHeartCommunications had outstanding senior notes (net of $57.1 million aggregate principal amount held by a subsidary of iHeartCommunications) consisting of:

(In thousands)	December 31,      2014		December 31,      2013
5.5% Senior Notes Due 2014	$	-		461,455
4.9% Senior Notes Due 2015		-		250,000
5.5% Senior Notes Due 2016		192,900		250,000
6.875% Senior Notes Due 2018		175,000		175,000
7.25% Senior Notes Due 2027		300,000		300,000
Total Legacy Notes	$	667,900		1,436,455

Subsidiary Senior Notes

As of December 31, 2014, the Company’s subsidiary, Clear Channel Worldwide Holdings, Inc. (“CCWH”) had outstanding notes consisting of:

(In thousands)	Maturity Date		Interest Rate		Interest Payment Terms	December 31, 2014		December 31, 2013
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 the 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 the 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 the 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 the 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

Schedule of Maturities of Long-Term Debt

Future maturities of long-term debt at December 31, 2014 are as follows:

(in thousands)
2015	$	3,604
2016		1,126,920
2017		8,208
2018		909,272
2019		8,300,043
Thereafter		10,212,868
Total (1)	$	20,560,915

⁽¹⁾  Excludes purchase accounting adjustments and original issue discount of $234.9 million, which is amortized through interest expense over the life of the underlying debt obligations.