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<div style="font-family: 'Times New Roman',Times,serif;">
<div style="margin-top: 12pt; font-size: 10pt;" align="left"><b>6. LONG-TERM DEBT</b> </div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> Long-term debt consisted of the following: </div>
<div align="center">
<table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="60%">
<tr valign="bottom"><td width="76%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td colspan="3" nowrap="nowrap" align="center"><b>March 31,</b></td>
<td> </td>
<td colspan="3" nowrap="nowrap" align="center"><b>December 31,</b></td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="3" nowrap="nowrap" align="center"><b>2011</b></td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="3" nowrap="nowrap" align="center"><b>2010</b></td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td colspan="7" nowrap="nowrap" align="center">(In thousands)</td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Senior Secured Credit Facility</div></td>
<td> </td>
<td align="right">$ </td>
<td align="right">155,386</td>
<td> </td>
<td> </td>
<td align="right">$ </td>
<td align="right">21,114</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Senior notes due 2015, net of unamortized discount</div></td>
<td> </td>
<td> </td>
<td align="right">471,092</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">470,866</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Senior notes due 2016, net of unamortized discount</div></td>
<td> </td>
<td> </td>
<td align="right">584,219</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">583,605</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Senior notes due 2019, net of unamortized discount</div></td>
<td> </td>
<td> </td>
<td align="right">293,622</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">293,496</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Senior subordinated notes due 2016</div></td>
<td> </td>
<td> </td>
<td align="right">350,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">350,000</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Convertible debentures, net of unamortized discount</div></td>
<td> </td>
<td> </td>
<td align="right">145,396</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">143,478</td>
<td> </td></tr>
<tr style="font-size: 1px;"><td>
<div style="text-indent: -15px; margin-left: 15px;"> </div></td>
<td> </td>
<td style="border-top: #000000 1px solid;" colspan="2" align="right"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;" colspan="2" align="right"> </td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Total debt</div></td>
<td> </td>
<td> </td>
<td align="right">1,999,715</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,862,559</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Unamortized deferred gain - terminated interest rate swaps</div></td>
<td> </td>
<td> </td>
<td align="right">26,449</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">27,635</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Current portion of long-term debt</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(145,396</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(143,478)</td>
<td nowrap="nowrap"> </td></tr>
<tr style="font-size: 1px;"><td>
<div style="text-indent: -15px; margin-left: 15px;"> </div></td>
<td> </td>
<td style="border-top: #000000 1px solid;" colspan="2" align="right"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;" colspan="2" align="right"> </td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Long-term debt</div></td>
<td> </td>
<td align="right">$ </td>
<td align="right">1,880,768</td>
<td> </td>
<td> </td>
<td align="right">$ </td>
<td align="right">1,746,716</td>
<td> </td></tr>
<tr style="font-size: 1px;"><td>
<div style="text-indent: -15px; margin-left: 15px;"> </div></td>
<td> </td>
<td style="border-top: #000000 3px double;" colspan="2" align="right"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 3px double;" colspan="2" align="right"> </td>
<td> </td></tr></table></div></div>
<div style="font-family: 'Times New Roman',Times,serif;">
<div style="margin-top: 12pt; font-size: 10pt;" align="left"><i>Senior Secured Credit Facility</i> </div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> The Senior Secured Credit Facility borrowing base and commitments remained at $1 billion and the aggregate letter of credit capacity was $175 million. At March 31, 2011, there was $795 million available under the facility. </div>
<div style="margin-top: 12pt; font-size: 10pt;" align="left"><i>Convertible Debentures</i> </div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> The convertible debentures due November 1, 2024 are contingently convertible into shares of our common stock. The debentures bear interest at an annual rate of 1.875% payable semi-annually on May 1 and November 1. Additionally, holders of the debentures can require us to repurchase all or a portion of their debentures on November 1, 2011, 2014 and 2019 at a price equal to the principal amount thereof plus accrued and unpaid interest. The debentures are convertible into shares of our common stock at a rate of 65.4418 shares for each $1,000 debenture, subject to adjustment. Generally, except upon the occurrence of specified events including certain changes of control, holders of the debentures are not entitled to exercise their conversion rights unless the closing price of our stock is at least $18.34 (120% of the conversion price per share) for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter. Upon conversion, we have the option to deliver any combination of our common stock and cash. Should all debentures be converted to our common stock, an additional 9,816,270 shares, subject to adjustment, would become outstanding; however, as of April 1, 2011, the debentures were not convertible based on share prices for the quarter ended March 31, 2011. </div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> Because we may be required to repurchase these obligations at the option of the holders on November 1, 2011, we have reported them as current obligations in our March 31, 2011 and December 31, 2010 balance sheets. To the extent that the holders of these obligations do not elect to put them to us on November 1, 2011, any remaining obligations will be reclassified to long-term after that date. </div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> At March 31, 2011 and December 31, 2010, the remaining unamortized discount on the debentures was $4.6 million and $6.5 million, respectively, resulting in a carrying value of $145.4 million and $143.5 million, respectively. The remaining discount will be accreted to face value through October 2011. For the three months ended March 31, 2011 and 2010, interest expense on our convertible debentures, recognized at an effective interest rate of 6.75%, was $2.6 million and $2.5 million, respectively, including contractual interest of $0.7 million for each period. </div></div>
<div style="margin-top: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;" align="left"><i>Summary of All Outstanding Debt</i> </div>
<div style="margin-top: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;" align="left"> The following table summarizes significant aspects of our long-term debt: </div>
<div style="font-family: 'Times New Roman',Times,serif;" align="center">
<table style="font-size: 7pt;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr valign="bottom"><td width="28%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="4%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="4%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="4%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="4%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="4%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="4%"> </td>
<td width="4%"> </td></tr>
<tr style="font-size: 7pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-top: #000000 1px solid; border-right: #000000 1px solid;" colspan="23" nowrap="nowrap" align="center"><b><i>Priority on Collateral and Structural Seniority <sup style="font-size: 85%; vertical-align: text-top;">(1)</sup></i></b></td></tr>
<tr style="font-size: 7pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid;" colspan="3" nowrap="nowrap" align="center"><b>Highest priority</b></td>
<td style="border-bottom: #000000 1px solid;"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="16" nowrap="nowrap" align="center"> </td>
<td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" colspan="4" nowrap="nowrap" align="center"><b>Lowest priority </b></td></tr>
<tr style="font-size: 7pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid;" colspan="4" nowrap="nowrap" align="center"> </td>
<td style="border-bottom: #000000 1px solid; background: #cceeff;"> </td>
<td style="border-bottom: #000000 1px solid; background: #cceeff; border-right: #000000 1px solid;" colspan="11" nowrap="nowrap" align="center"><b>Equal priority</b></td>
<td style="border-bottom: #000000 1px solid;"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="3" nowrap="nowrap" align="center"> </td>
<td style="border-bottom: #000000 1px solid;"> </td>
<td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" colspan="3" nowrap="nowrap" align="center"> </td></tr>
<tr style="font-size: 7pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-left: #000000 1px solid; border-right: #000000 1px solid;" colspan="4" nowrap="nowrap" align="center"><b>Senior Secured</b></td>
<td style="border-right: #000000 1px solid;" colspan="4" nowrap="nowrap" align="center"><b>2015</b></td>
<td style="border-right: #000000 1px solid;" colspan="4" nowrap="nowrap" align="center"><b>2016</b></td>
<td style="border-right: #000000 1px solid;" colspan="4" nowrap="nowrap" align="center"><b>2019</b></td>
<td style="border-right: #000000 1px solid;" colspan="4" nowrap="nowrap" align="center"><b>Senior</b></td>
<td style="border-right: #000000 1px solid;" colspan="3" nowrap="nowrap" align="center"><b>Convertible</b></td></tr>
<tr style="font-size: 7pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid;" colspan="4" nowrap="nowrap" align="center"><b>Credit Facility</b></td>
<td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" colspan="4" nowrap="nowrap" align="center"><b>Senior Notes</b></td>
<td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" colspan="4" nowrap="nowrap" align="center"><b>Senior Notes</b></td>
<td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" colspan="4" nowrap="nowrap" align="center"><b>Senior Notes</b></td>
<td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" colspan="4" nowrap="nowrap" align="center"><b>Subordinated Notes</b></td>
<td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" colspan="3" nowrap="nowrap" align="center"><b>Debentures<sup style="font-size: 85%; vertical-align: text-top;">(1)</sup></b></td></tr>
<tr style="background: #cceeff;" valign="bottom"><td valign="top">
<div style="text-indent: 0px; margin-left: 0px;">Principal amount </div></td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">$1.0 billion <sup style="font-size: 85%; vertical-align: text-top;">(3)</sup> </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">$475 million </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">$600 million </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">$300 million </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">$350 million </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">$150 million </td></tr>
<tr style="font-size: 1px;"><td style="border-top: #000000 1px solid;" valign="top" colspan="25" align="left"> </td></tr>
<tr valign="bottom"><td valign="top">
<div style="text-indent: 0px; margin-left: 0px;">Scheduled maturity date <sup style="font-size: 85%; vertical-align: text-top;">(5)</sup> </div></td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">February 9, 2013 </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">August 1, 2015 </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">January 1, 2016 </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">August 15, 2019 </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">April 1, 2016 </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">November 1, 2024 </td></tr>
<tr style="font-size: 1px;"><td style="border-top: #000000 1px solid;" valign="top" colspan="25" align="left"> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td valign="top">
<div style="text-indent: 0px; margin-left: 0px;">Interest rate on outstanding<br />borrowings at<br />March 31, 2011 <sup style="font-size: 85%; vertical-align: text-top;">(4)</sup> </div></td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="right"> </td>
<td valign="bottom" align="right">3.22</td>
<td valign="bottom" nowrap="nowrap">%</td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="right"> </td>
<td valign="bottom" align="right">8.25</td>
<td valign="bottom" nowrap="nowrap">%</td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="right"> </td>
<td valign="bottom" align="right">11.75</td>
<td valign="bottom" nowrap="nowrap">%</td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="right"> </td>
<td valign="bottom" align="right">9.125</td>
<td valign="bottom" nowrap="nowrap">%</td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="right"> </td>
<td valign="bottom" align="right">7.125</td>
<td valign="bottom" nowrap="nowrap">%</td>
<td> </td>
<td valign="bottom" nowrap="nowrap" align="right"> </td>
<td valign="bottom" align="right">1.875</td>
<td valign="bottom" nowrap="nowrap">%</td></tr>
<tr style="font-size: 1px;"><td style="border-top: #000000 1px solid;" valign="top" colspan="25" align="left"> </td></tr>
<tr valign="bottom"><td valign="top">
<div style="text-indent: 0px; margin-left: 0px;">Base interest rate options </div></td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">LIBOR, ABR or<br />specified<sup style="font-size: 85%; vertical-align: text-top;">(5)</sup> </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td></tr>
<tr style="font-size: 1px;"><td style="border-top: #000000 1px solid;" valign="top" colspan="25" align="left"> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td valign="top">
<div style="text-indent: 0px; margin-left: 0px;">Financial covenants <sup style="font-size: 85%; vertical-align: text-top;">(5)</sup> </div></td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">- Minimum current<br />ratio of 1.0 </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td valign="top">
<div style="text-indent: 0px; margin-left: 0px;"> </div></td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">- Minimum EBITDA to<br />interest expense ratio<br />of 2.5 </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right"> </td>
<td valign="top"> </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right"> </td>
<td valign="top"> </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right"> </td>
<td valign="top"> </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right"> </td>
<td valign="top"> </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right"> </td>
<td valign="top"> </td></tr>
<tr style="font-size: 1px;"><td style="border-top: #000000 1px solid;" valign="top" colspan="25" align="left"> </td></tr>
<tr valign="bottom"><td valign="top">
<div style="text-indent: 0px; margin-left: 0px;">Significant restrictive<br />covenants <sup style="font-size: 85%; vertical-align: text-top;">(6)</sup> </div></td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">- Incurrence of debt<br />- Incurrence of liens<br />- Payment of dividends<br />- Equity purchases<br />- Asset sales<br />- Affiliate transactions<br />- Limitations on derivatives </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">- Incurrence of debt<br />- Incurrence of liens<br />- Payment of dividends<br />- Equity purchases<br />- Asset sales<br />- Affiliate transactions </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">- Incurrence of debt<br />- Incurrence of liens<br />- Payment of dividends<br />- Equity purchases<br />- Asset sales<br />- Affiliate transactions </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">- Incurrence of debt<br />- Incurrence of liens<br />- Payment of dividends<br />- Equity purchases<br />- Asset sales<br />- Affiliate transactions </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">- Incurrence of debt<br />- Incurrence of liens<br />- Payment of dividends<br />- Equity purchases<br />- Asset sales<br />- Affiliate transactions </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td></tr>
<tr style="font-size: 1px;"><td style="border-top: #000000 1px solid;" valign="top" colspan="25" align="left"> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td valign="top">
<div style="text-indent: 0px; margin-left: 0px;">Optional redemption <sup style="font-size: 85%; vertical-align: text-top;">(6)</sup> </div></td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Any time </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">August 1,<br />2012: 103.875<br />2013: 101.938<br />2014: par </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">July 1,<br />2013: 105.875<br />2014: 102.938<br />2015: par </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">August 15,<br />2014: 104.563<br />2015: 103.042<br />2016: 101.521<br />2017: par </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">April 1,<br />2011: 103.563<br />2012: 102.375<br />2013: 101.188<br />2014: par </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">November 8, 2011<br />and thereafter </td></tr>
<tr style="font-size: 1px;"><td style="border-top: #000000 1px solid;" valign="top" colspan="25" align="left"> </td></tr>
<tr valign="bottom"><td valign="top">
<div style="text-indent: 0px; margin-left: 0px;">Make-whole redemption <sup style="font-size: 85%; vertical-align: text-top;">(6)</sup> </div></td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Callable prior to<br />August 1, 2012 at<br />make-whole call price of<br />Treasury + 50 bps </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Callable prior to<br />July 1, 2013 at<br />make-whole call price of<br />Treasury + 50 bps </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Callable prior to<br />August 15, 2014 at<br />make-whole call price of<br />Treasury + 50 bps </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Callable prior to<br />April 1, 2011 at<br />make-whole call price of<br />Treasury + 50 bps </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td></tr>
<tr style="font-size: 1px;"><td style="border-top: #000000 1px solid;" valign="top" colspan="25" align="left"> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td valign="top">
<div style="text-indent: 0px; margin-left: 0px;">Change of control <sup style="font-size: 85%; vertical-align: text-top;">(6)</sup> </div></td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Event of default </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Put at 101% of principal<br />plus accrued interest </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Put at 101% of principal<br />plus accrued interest </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Put at 101% of principal<br />plus accrued interest </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Put at 101% of principal<br />plus accrued interest </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Put at 100% of principal<br />plus accrued interest </td></tr>
<tr style="font-size: 1px;"><td style="border-top: #000000 1px solid;" valign="top" colspan="25" align="left"> </td></tr>
<tr valign="bottom"><td valign="top">
<div style="text-indent: 0px; margin-left: 0px;">Equity clawback<sup style="font-size: 85%; vertical-align: text-top;"> (6)</sup> </div></td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Redeemable until<br />August 1, 2011 at<br />107.75%, plus accrued<br />interest for up to 35% </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Redeemable until<br />July 1, 2012 at<br />111.75%, plus accrued<br />interest for up to 35% </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Redeemable until<br />August 15, 2012 at<br />109.125%, plus accrued<br />interest for up to 35% </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td></tr>
<tr style="font-size: 1px;"><td style="border-top: #000000 1px solid;" valign="top" colspan="25" align="left"> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td valign="top">
<div style="text-indent: 0px; margin-left: 0px;">Subsidiary guarantors<sup style="font-size: 85%; vertical-align: text-top;"> (6)</sup> </div></td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Cowtown Pipeline<br />Funding, Inc.<br />Cowtown Pipeline<br />Management, Inc.<br />Cowtown Pipeline L.P.<br />Cowtown Gas<br />Processing L.P.<br />Quicksilver Resources<br />Canada Inc. </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Cowtown Pipeline<br />Funding, Inc.<br />Cowtown Pipeline<br />Management, Inc.<br />Cowtown Pipeline L.P.<br />Cowtown Gas<br />Processing L.P. </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Cowtown Pipeline<br />Funding, Inc.<br />Cowtown Pipeline<br />Management, Inc.<br />Cowtown Pipeline L.P.<br />Cowtown Gas<br />Processing L.P. </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Cowtown Pipeline<br />Funding, Inc.<br />Cowtown Pipeline<br />Management, Inc.<br />Cowtown Pipeline L.P.<br />Cowtown Gas<br />Processing L.P. </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">Cowtown Pipeline<br />Funding, Inc.<br />Cowtown Pipeline<br />Management, Inc.<br />Cowtown Pipeline L.P.<br />Cowtown Gas<br />Processing L.P. </td>
<td> </td>
<td valign="top" nowrap="nowrap" align="right"> </td>
<td valign="top" align="right">N/A</td>
<td valign="top" nowrap="nowrap"> </td></tr>
<tr style="font-size: 1px;"><td style="border-top: #000000 1px solid;" valign="top" colspan="25" align="left"> </td></tr>
<tr valign="bottom"><td valign="top">
<div style="text-indent: 0px; margin-left: 0px;">Estimated fair value <sup style="font-size: 85%; vertical-align: text-top;">(7) </sup></div></td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">$155.4 million </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">$496.4 million </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">$702.0 million </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">$323.6 million </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">$347.4 million </td>
<td> </td>
<td valign="top" colspan="3" nowrap="nowrap" align="center">$160.2 million </td></tr></table></div>
<div style="font-family: 'Times New Roman',Times,serif;">
<table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td width="5%"> </td>
<td width="1%"> </td>
<td width="94%"> </td></tr>
<tr valign="top"><td>
<p align="right"> <sup>(1)</sup></p></td>
<td> </td>
<td nowrap="nowrap" align="right">As discussed in "Convertible Debentures" above, holders of the convertible debentures can require us to repurchase all or a part of the debentures on November 1, 2011.</td>
<td> </td>
<td> </td></tr>
<tr style="font-size: 3pt;"><td> </td></tr>
<tr valign="top"><td nowrap="nowrap" align="right"><sup style="font-size: 85%; vertical-align: text-top;">(2)</sup></td>
<td> </td>
<td>The Senior Secured Credit Facility is secured by a first perfected lien on substantially all our assets including a portion of our BBEP Units. The other debt presented is based upon structural seniority and priority of payment.</td></tr>
<tr style="font-size: 3pt;"><td> </td></tr>
<tr valign="top"><td nowrap="nowrap" align="right"><sup style="font-size: 85%; vertical-align: text-top;">(3)</sup></td>
<td> </td>
<td>
<p style="margin-top: 0px; margin-bottom: 0px;">The principal amount for the Senior Secured Credit Facility represents the borrowing base and commitments as of March 31, 2011.<sup style="font-size: 85%; vertical-align: text-top;"> </sup></p></td></tr>
<tr valign="top"><td nowrap="nowrap" align="right"><sup style="font-size: 85%; vertical-align: text-top;">(4)</sup></td>
<td> </td>
<td>
<p style="margin-top: 0px; margin-bottom: 0px;">Represents the weighted average borrowing rate payable to lenders and excludes effects of interest rate derivatives.</p></td></tr>
<tr valign="top"><td nowrap="nowrap" align="right"><sup style="font-size: 85%; vertical-align: text-top;">(5)</sup></td>
<td> </td>
<td>
<p style="margin-top: 0px; margin-bottom: 0px;"> Amounts outstanding under the Senior Secured Credit Facility bear interest, at our election, at (i) LIBOR plus an applicable margin between 2.00% to 3.00%, (ii) bankers' acceptance rate (as defined in the credit facilities) plus an applicable margin between 2.00% and 3.00%, (iii) ABR, which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) the Adjusted Eurodollar Rate (as defined in the credit facilities) plus 1.0%, plus, in each case under scenario (ii), an applicable margin between 1.125% to 2.125%, or (iii) the specified rate (as defined in the credit facilities) plus an applicable margin between 2.00% to 3.00%.</p></td></tr>
<tr valign="top"><td nowrap="nowrap" align="right"><sup style="font-size: 85%; vertical-align: text-top;">(6)</sup></td>
<td> </td>
<td>
<p style="margin-top: 0px; margin-bottom: 0px;">The information presented in this table is qualified in all respects by reference to the full text of the covenants, provisions and related definitions contained in the documents governing the various components of our debt.</p></td></tr>
<tr valign="top"><td nowrap="nowrap" align="right"><sup style="font-size: 85%; vertical-align: text-top;">(7)</sup></td>
<td> </td>
<td>
<p style="margin-top: 0px; margin-bottom: 0px;">The estimated fair value is determined based on market quotations on the balance sheet date for fixed rate obligations. We consider debt with market-based interest rates to have a fair value equal to its carrying value.</p></td></tr></table></div>
<p style="margin-top: 0px; font-family: 'Times New Roman',Times,serif; margin-bottom: 0px; font-size: 10pt;" align="center"> </p>
<p style="margin-top: 0px; font-family: 'Times New Roman',Times,serif; margin-bottom: 0px; font-size: 10pt;" align="left">Note 11 to the consolidated financial statements in our 2010 Annual Report on Form 10-K contains a more complete description of our long-term debt. </p> </div>6. LONG-TERM DEBT
Long-term debt consisted of the following:falsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringThis element may be used as a single block of text to encapsulate the entire disclosure for long-term borrowings including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
falsefalse
12Long-Term DebtUnKnownUnKnownUnKnownUnKnownfalsetrue