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Long-Term Debt
3 Months Ended
Mar. 31, 2014
Long-Term Debt [Abstract]  
Long-Term Debt

 

NOTE 3 – LONG-TERM DEBT

Long-term debt at March 31, 2014 and December 31, 2013, respectively, consisted of the following:

(In thousands)March 31, 2014 December 31, 2013
Senior Secured Credit Facilities (1)$ 8,224,014 $ 8,225,754
Receivables Based Facility due 2017  -   247,000
9.0% Priority Guarantee Notes due 2019  1,999,815   1,999,815
9.0% Priority Guarantee Notes due 2021  1,750,000   1,750,000
11.25% Priority Guarantee Notes due 2021  575,000   575,000
Subsidiary senior revolving credit facility due 2018  -   -
Other secured subsidiary long-term debt (2)  19,818   21,124
Total consolidated secured debt  12,568,647   12,818,693
       
Senior Cash Pay Notes due 2016  94,304   94,304
Senior Toggle Notes due 2016 (3)  127,941   127,941
Senior Notes due 2021 (4)  1,645,244   1,404,202
Senior Notes (5)  1,374,568   1,436,455
Subsidiary Senior Notes due 2022  2,725,000   2,725,000
Subsidiary Senior Subordinated Notes due 2020  2,200,000   2,200,000
Other subsidiary debt   854   10
Purchase accounting adjustments and original issue discount   (312,172)   (322,392)
    20,424,386   20,484,213
Less: current portion  413,882   453,734
Total long-term debt$ 20,010,504 $ 20,030,479

  • Term Loan B matures 2016. Term Loan C is subject to an amortization schedule with required payments at various dates from 2014 through 2016. Term Loan D and Term Loan E mature 2019.
  • Other secured subsidiary long-term debt matures at various dates from 2014 through 2028.
  • Senior Toggle Notes are subject to required payments at various dates from 2015 through 2016.
  • Senior Notes due 2021 are subject to required payments at various dates from 2018 through 2021.
  • The Company's Senior Notes mature at various dates from 2014 through 2027.

 

The Company's weighted average interest rate at March 31, 2014 and December 31, 2013 were 7.7% and 7.6%, respectively. The aggregate market value of the Company's debt based on market prices for which quotes were available was approximately $21.1 billion and $20.5 billion at March 31, 2014 and December 31, 2013, respectively. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company's debt is classified as either Level 1 or Level 2.

 

Subsidiary Sale of Long-Term Debt

 

On February 14, 2014, CC Finco LLC (“CC Finco”), an indirect wholly-owned subsidiary of the Company, sold $227.0 million in aggregate principal amount of Senior Notes due 2021 to private purchasers in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Act”). The purchasers validly tendered the Senior Notes due 2021 into the Company's previously-announced registered exchange offer for the Senior Notes due 2021, which expired on February 20, 2014 (the “A/B Exchange Offer”). Upon completion of the A/B Exchange Offer, the purchasers of the Senior Notes due 2021, along with all other holders of the Senior Notes due 2021 who validly tendered such notes into the A/B Exchange Offer, received Senior Notes due 2021 that were registered under the Act. CC Finco contributed the net proceeds from the sale of the Senior Notes due 2021 to the Company, which intends to use such proceeds to repay, repurchase or otherwise acquire outstanding indebtedness from time to time and retire that indebtedness as it becomes due or upon its earlier repayment, repurchase or acquisition.

Debt Repayments, Maturities and Other

During February 2014, the Company repaid all principal amounts outstanding under its receivables based credit facility, using cash on hand.  This voluntary repayment did not reduce the commitments under this facility and the Company has the ability to redraw amounts under this facility at any time.

 

During March 2014, CC Finco repurchased, through open market purchases, a total of $61.9 million aggregate principal amount of notes, comprised of $52.9 million of the Company's outstanding 5.5% Senior Notes due 2014 and $9.0 million of the Company's outstanding 4.9% Senior Notes due 2015, for a total purchase price of $63.1 million, including accrued interest.  The Company cancelled these notes subsequent to the purchase.