Debt and Other Obligations



	Original Issue Date	Contractual Maturity Date ^(a)		Balance as of June 30, 2017			Balance as of December 31, 2016		Stated Interest Rate as of June 30, 2017^(a)
Bank debt - variable rate:
2016 Revolver	Jan. 2016	Jan. 2022	^(e)	$	350,000	^(b)(d)(f)	$	—	2.6	%
2016 Term Loan A	Jan. 2016	Jan. 2022	^(e)	2,426,473		^(e)	1,954,173		2.6	%
Total bank debt				2,776,473			1,954,173
Securitized debt - fixed rate:
Secured Notes, Series 2009-1, Class A-1	July 2009	Aug. 2019		41,333			51,416		6.3	%
Secured Notes, Series 2009-1, Class A-2	July 2009	Aug. 2029		69,438			68,737		9.0	%
Tower Revenue Notes, Series 2010-3	Jan. 2010	Jan. 2040	^(c)	1,245,171			1,244,237		6.1	%
Tower Revenue Notes, Series 2010-6	Aug. 2010	Aug. 2040	^(c)	994,456			993,557		4.9	%
Tower Revenue Notes, Series 2015-1	May 2015	May 2042	^(c)	296,892			296,573		3.2	%
Tower Revenue Notes, Series 2015-2	May 2015	May 2045	^(c)	691,805			691,285		3.7	%
Total securitized debt				3,339,095			3,345,805
Bonds - fixed rate:
5.250% Senior Notes	Oct. 2012	Jan. 2023		1,638,153			1,637,099		5.3	%
3.849% Secured Notes	Dec. 2012	Apr. 2023		991,971			991,279		3.8	%
4.875% Senior Notes	Apr. 2014	Apr. 2022		841,202			840,322		4.9	%
3.400% Senior Notes	Feb./May 2016	Feb. 2021		849,811			849,698		3.4	%
4.450% Senior Notes	Feb. 2016	Feb. 2026		890,630			890,118		4.5	%
3.700% Senior Notes	May 2016	June 2026		742,316			741,908		3.7	%
2.250% Senior Notes	Sept. 2016	Sept. 2021		694,755			693,893		2.3	%
4.000% Senior Notes	Feb. 2017	March 2027		493,656		^(d)	—		4.0	%
4.750% Senior Notes	May 2017	May 2047		342,474		^(f)	—		4.8	%
Total bonds				7,484,968			6,644,317
Other:
Capital leases and other obligations	Various	Various		240,729			226,847		Various
Total debt and other obligations				13,841,265			12,171,142
Less: current maturities and short-term debt and other current obligations				114,932			101,749
Non-current portion of long-term debt and other long-term obligations				$	13,726,333		$	12,069,393


(a)	See the 2016 Form 10-K, including note 8, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness.


(b)	As of June 30, 2017, the undrawn availability under the 2016 Revolver was $2.1 billion.

(c)

If the respective series of such debt is not paid in full on or prior to an applicable date then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. See the 2016 Form 10-K for additional information regarding these provisions.


(d)	In February 2017, the Company issued $500 million aggregate principal amount of 4.000% senior unsecured notes with a maturity date of March 2027 ("4.0% Senior Notes"). The Company used the net proceeds from the 4.0% Senior Notes offering to repay a portion of the borrowings under the 2016 Revolver.


(e)	In February 2017, the Company entered into an amendment to the Credit Facility to (1) incur additional term loans in an aggregate principal amount of $500 million, and (2) extend the maturity of both the 2016 Term Loan A and the 2016 Revolver to January 2022.


(f)	In May 2017, the Company issued $350 million aggregate principal amount of 4.750% senior unsecured notes due May 2047 ("4.75% Senior Notes"). The Company used the net proceeds from the 4.75% Senior Notes offering to partially fund the Wilcon Acquisition and to repay a portion of the borrowings under the 2016 Revolver.

See note 12 for information regarding our August 2017 Senior Notes Offering (as defined therein).

Contractual Maturities

The following are the scheduled contractual maturities of the total debt and other long-term obligations of the Company outstanding as of June 30, 2017. These maturities reflect contractual maturity dates and do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes.



	Six Months Ending December 31,		Years Ending December 31,												Unamortized Adjustments, Net			Total Debt and Other Obligations Outstanding
	2017		2018		2019		2020		2021		Thereafter		Total Cash Obligations		Unamortized Adjustments, Net			Total Debt and Other Obligations Outstanding
Scheduled contractual maturities	$	58,607	$	113,125	$	166,127	$	154,255	$	1,824,027	$	11,619,021	$	13,935,162	$	(93,897	)	$	13,841,265

Interest Expense and Amortization of Deferred Financing Costs

The components of interest expense and amortization of deferred financing costs are as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Interest expense on debt obligations	$	139,349		$	125,580		$	271,000		$	247,747
Amortization of deferred financing costs and adjustments on long-term debt	4,540			4,815			9,091			9,921
Other, net of capitalized interest	(2,120		)	(1,033		)	(3,835		)	(1,928		)
Total	$	141,769		$	129,362		$	276,256		$	255,740