Senior and Subordinated Debt

The following table summarizes the Company’s senior and subordinated debt:



	April 30, 2013		January 31, 2013
	(in thousands)
Senior Notes:
3.625% Puttable Equity-Linked Senior Notes due 2014, net of discount	$	61,006	$	199,457
7.625% Senior Notes due 2015	—		53,253
5.000% Convertible Senior Notes due 2016	50,000		50,000
6.500% Senior Notes due 2017	132,144		132,144
4.250% Convertible Senior Notes due 2018	350,000		350,000
7.375% Senior Notes due 2034, net of discount	219,185		219,115
Total Senior Notes	812,335		1,003,969
Subordinated Debt:
Subordinate Tax Revenue Bonds due 2013	29,000		29,000
Total Senior and Subordinated Debt	$	841,335	$	1,032,969

On April 16, 2013, the Company entered into separate, privately negotiated exchange agreements with certain holders of the 3.625% Puttable Equity-Linked Senior Notes due 2014 ("2014 Senior Notes") to exchange such notes for Class A common stock. Under the terms of the agreements, holders agreed to exchange $138,853,000 in aggregate principal amount of 2014 Senior Notes for a total of 9,549,721 shares of Class A common stock and a cash payment of $4,860,000 for additional exchange consideration, accrued interest and in lieu of fractional shares. The number of shares of Class A common stock issued in exchange for the 2014 Senior Notes equaled the number of shares into which the 2014 Senior Notes were currently convertible. Under the accounting guidance for induced conversions of convertible debt, the additional amounts paid to induce the holders to exchange their 2014 Senior Notes was expensed, resulting in a non-tax deductible loss of $4,762,000 during the three months ended April 30, 2013, which is recorded as extinguishment of debt.

On May 31, 2013, pursuant to the terms of the Indenture governing the 2014 Senior Notes, the Company issued notice that the put rights associated with the 2014 Senior Notes will terminate on June 20, 2013. Holders electing to put their 2014 Senior Notes between May 31, 2013 and June 20, 2013 will receive 68.7758 shares of the Company's Class A common stock per $1,000 principal amount of 2014 Senior Notes and a coupon make-whole interest payment to, but excluding, October 15, 2013. The Company intends to make the coupon make-whole payment in cash. At the time of the notice, there was $61,147,000 aggregate principal amount of the 2014 Senior Notes outstanding.

On March 29, 2013, in accordance with the terms of the indenture dated as of May 19, 2003, the Company redeemed all of the remaining $53,253,000 principal amount of its outstanding 7.625% Senior Notes due 2015 at par value.

All of the Company’s senior notes are unsecured senior obligations and rank equally with all existing and future unsecured indebtedness; however, they are effectively subordinated to all existing and future secured indebtedness and other liabilities of the Company’s subsidiaries to the extent of the value of the collateral securing such other debt, including the Credit Facility. The indentures governing the senior notes contain covenants providing, among other things, limitations on incurring additional debt and payment of dividends. At April 30, 2013, the Company was in compliance with these financial covenants.