SHORT-TERM BORROWINGS AND LONG-TERM DEBT |
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| Debt Disclosure [Abstract] | 听 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHORT-TERM BORROWINGS AND LONG-TERM DEBT | SHORT-TERM BORROWINGS AND LONG-TERM DEBT Revolving Credit Facility
In April 2020, 大象传媒 entered into Amendment No.听1 to its $2.25听billion senior unsecured revolving line of credit (the "Global Credit Facility") (the 鈥淎mendment鈥). The Amendment provides for (i)听an increase in 大象传媒鈥檚 consolidated indebtedness to consolidated capitalization ratio financial covenant to 0.70 to 1.00 (from 0.60 to 1.00) through the last day of the fiscal quarter ending March听31, 2022, (ii) calculation of consolidated indebtedness (and, thereby consolidated capitalization) net of unrestricted cash of 大象传媒 and its subsidiaries and (iii)听testing of such financial covenant solely as of the last day of each fiscal quarter during such period. In addition, the Amendment requires 大象传媒 and its subsidiaries to maintain minimum liquidity in the form of unrestricted cash and unused financing commitments of not
less than $750.0听million at all times during such period. As of December 2020, 大象传媒 was in compliance with all covenants.
Short-term Borrowings
大象传媒 has a commercial paper program that allows for borrowings of up to $2.25听billion to the extent that it has borrowing capacity under the Global Credit Facility. Commercial paper borrowings as of December 2020 were $286.0听million. 大象传媒 also has $71.2听million of international lines of credit with various banks, which are uncommitted and may be terminated at any time by either 大象传媒 or the banks. Total outstanding balances under these arrangements were $13.7听million at December 2020.
Senior Notes Issuance
In April 2020, 大象传媒 issued senior unsecured notes, as outlined in the table below:
大象传媒 used a portion of the net proceeds from this offering to repay borrowings under its Global Credit Facility. The aggregate outstanding balance of these notes was $2.98 billion at December 2020, which was net of unamortized original issue discount and debt issuance costs.
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