SUBSEQUENT EVENTS (Notes)

3 Months Ended

Mar. 31, 2014

Subsequent Event [Line Items]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

On May 2, 2014, we issued and sold 4,000,000 Units in the Rights Offering and related financing transactions for gross proceeds of US$ 400.0 million. Time Warner and TW Investor purchased 3,377,476 of the Units, including 581,533 Units and 566,299 Units in the TW Private Placement and the Backstop Private Placement, respectively. We issued US$ 400.0 million in aggregate original principal amount of 2017 PIK Notes and Unit Warrants to purchase an aggregate of 84,000,000 shares of our Class A common stock at an exercise price of US$ 1.00 per share. Concurrently with the closing of the Rights Offering and pursuant to the 2017 Term Loan Agreement between us and Time Warner, Time Warner funded the 2017 Term Loan. We also entered into the 2017 Revolving Credit Facility Agreement with Time Warner. In connection with these transactions, we issued Time Warner and TW Investor warrants to purchase 30,000,000 shares with substantially the same terms as the Unit Warrants.

We applied net proceeds from the Rights Offering and related financing transactions of approximately US$ 386.2 million and a portion of the 2017 Term Loan to discharge the indenture governing the 2016 Fixed Rate Notes on May 2, 2014, including the outstanding principal amount, early redemption premium and accrued interest thereon of approximately EUR 273.0 million (approximately US$ 378.4 million at transaction date exchange rates), EUR 15.9 million (approximately US$ 22.0 million, at transaction date exchange rates) and EUR 6.7 million (approximately US$ 9.3 million at transaction date exchange rates), respectively.