Debt

9 Months Ended

Sep. 30, 2022

Debt [Abstract]

Debt

10.DEBT

The principal values, fair values, and carrying values of debt consist of the following (in thousands):

		As of						As of
		September 30, 2022						December 31, 2021
	Maturity Date	Principal ‎Balance		Fair Value		Carrying ‎Value		Principal ‎Balance		Fair Value		Carrying ‎Value
Revolving Credit Facility	Jul. 7, 2026	$	410,000	$	410,000	$	410,000	$	350,000	$	350,000	$	350,000
2018 Term Loan	Apr. 11, 2025		2,298,000		2,231,933		2,289,183		2,316,000		2,289,945		2,304,697
2014-2C Tower Securities (1)	Oct. 8, 2024		620,000		603,359		617,845		620,000		641,793		617,095
2018-1C Tower Securities (1)	Mar. 9, 2023		640,000		636,070		639,181		640,000		650,163		637,812
2019-1C Tower Securities (1)	Jan. 12, 2025		1,165,000		1,103,989		1,159,249		1,165,000		1,174,728		1,157,446
2020-1C Tower Securities (1)	Jan. 9, 2026		750,000		685,043		745,120		750,000		746,498		744,052
2020-2C Tower Securities (1)	Jan. 11, 2028		600,000		536,328		595,381		600,000		605,268		594,774
2021-1C Tower Securities (1)	Nov. 9, 2026		1,165,000		1,029,872		1,155,337		1,165,000		1,144,846		1,153,700
2021-2C Tower Securities (1)	Apr. 9, 2027		895,000		786,034		887,172		895,000		883,213		886,116
2021-3C Tower Securities (1)	Oct. 9, 2031		895,000		753,393		886,429		895,000		902,446		885,976
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,337,610		1,486,293		1,500,000		1,550,790		1,484,178
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,217,535		1,488,059		1,500,000		1,446,975		1,486,848
Total debt		$	12,438,000	$	11,331,166	$	12,359,249	$	12,396,000	$	12,386,665	$	12,302,694
Less: current maturities of long-term debt							(663,181)						(24,000)
Total long-term debt, net of current maturities						$	11,696,068					$	12,278,694

(1)The maturity date represents the anticipated repayment date for each issuance.

‎

The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:

	Interest	For the three months ended September 30,								For the nine months ended September 30,
	Rates as of	2022				2021				2022				2021
	September 30,	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	2022	Interest		Interest		Interest		Interest		Interest		Interest		Interest		Interest
										(in thousands)
Revolving Credit Facility	4.540%	$	4,896	$	—	$	996	$	—	$	10,778	$	—	$	4,717	$	—
2018 Term Loan (1)	2.328%		13,038		11,440		11,156		11,441		35,565		34,318		33,220		34,314
2013-2C Tower Securities	—		—		—		5,396		—		—		—		16,188		—
2014-2C Tower Securities	3.869%		6,046		—		6,046		—		18,138		—		18,138		—
2017-1C Tower Securities	—		—		—		—		—		—		—		9,201		—
2018-1C Tower Securities	3.448%		5,570		—		5,570		—		16,711		—		16,711		—
2019-1C Tower Securities	2.836%		8,357		—		8,357		—		25,072		—		25,072		—
2020-1C Tower Securities	1.884%		3,598		—		3,598		—		10,793		—		10,793		—
2020-2C Tower Securities	2.328%		3,540		—		3,540		—		10,619		—		10,619		—
2021-1C Tower Securities	1.631%		4,870		—		4,850		—		14,567		—		7,401		—
2021-2C Tower Securities	1.840%		4,196		—		—		—		12,587		—		—		—
2021-3C Tower Securities	2.593%		5,873		—		—		—		17,619		—		—		—
2016 Senior Notes	—		—		—		13,406		293		—		—		40,219		869
2017 Senior Notes	—		—		—		—		—		—		—		2,333		—
2020 Senior Notes	3.875%		14,531		88		14,531		86		43,594		264		43,594		253
2021 Senior Notes	3.125%		11,719		—		11,719		—		35,156		—		31,510		—
Other			727		—		34		—		2,329		—		123		—
Total		$	86,961	$	11,528	$	89,199	$	11,820	$	253,528	$	34,582	$	269,839	$	35,436

(1)The 2018 Term Loan has a blended rate of 2.328%, which includes the impact of the interest rate swap entered into on August 4, 2020, which swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 4.870% as of September 30, 2022. Refer to Note 17 for more information on the Company’s interest rate swap.

Revolving Credit Facility under the Senior Credit Agreement

The key terms of the revolving credit facility are as follows:

		Unused	Financial Covenant
	Interest Rate	Commitment	Compliance
	as of	Fee as of	Status as of
	September 30, 2022 (1)	September 30, 2022 (2)	September 30, 2022
Revolving Credit Facility	4.540%	0.190%	In Compliance

(1)The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2021.

(2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2021

The table below summarizes the Company’s revolving credit facility activity during the three and nine months ended September 30, 2022 and 2021 (in thousands):

	For the three months				For the nine months
	ended September 30,				ended September 30,
	2022		2021		2022		2021
Beginning outstanding balance	$	530,000	$	85,000	$	350,000	$	380,000
Borrowings		—		—		330,000		810,000
Repayments		(120,000)		(85,000)		(270,000)		(1,190,000)
Ending outstanding balance	$	410,000	$	—	$	410,000	$	—

Subsequent to September 30, 2022, the Company borrowed $625.0 million and repaid $40.0 million under the Revolving Credit Facility, and as of the date of this filing, $995.0 million was outstanding.

Term Loan under the Senior Credit Agreement

During the three and nine months ended September 30, 2022, the Company repaid an aggregate of $6.0 million and $18.0 million, respectively, of principal on the 2018 Term Loan. As of September 30, 2022, the 2018 Term Loan had a principal balance of $2.3 billion.

Secured Tower Revenue Securities

As of September 30, 2022, the entities that are borrowers on the mortgage loan (the “Borrowers”) met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of the Borrowers.