LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule of Debt

Summary

	March 31, 2017			December 31, 2016
Long-term debt	$	1,013,944		$	999,209
Other credit facilities and capital leases	4,360			4,313
Total long-term debt and other financing arrangements	1,018,304			1,003,522
Less: current maturities	(1,576		)	(1,494		)
Total non-current long-term debt and other financing arrangements	$	1,016,728		$	1,002,028

Schedule of Long-term Debt Instruments

Total long-term debt and credit facilities comprised the following at March 31, 2017:

	Principal Amount of Liability Component		Debt Issuance Costs (1)			Net Carrying Amount
2018 Euro Term Loan	$	268,130	$	(555	)	$	267,575
2019 Euro Term Loan	251,597		(437		)	251,160
2021 Euro Term Loan	501,194		(5,985		)	495,209
2021 Revolving Credit Facility	—		—			—
Total long-term debt and credit facilities	$	1,020,921	$	(6,977	)	$	1,013,944

⁽¹⁾  Debt issuance costs related to the 2018 Euro Term Loan, 2019 Euro Term Loan and 2021 Euro Term Loan are being amortized on a straight-line basis, which approximates the effective interest method, over the life of the respective instruments. Debt issuance costs related to the 2021 Revolving Credit Facility are classified as non-current assets in our condensed consolidated balance sheet and are being amortized on a straight-line basis over the life of the 2021 Revolving Credit Facility.

Schedule of Senior Debt

Long-term Debt

Our long-term debt comprised the following at March 31, 2017 and December 31, 2016:

	Carrying Amount				Fair Value
	March 31, 2017		December 31, 2016		March 31, 2017		December 31, 2016
2018 Euro Term Loan	$	267,575	$	263,734	$	250,805	$	233,297
2019 Euro Term Loan	251,160		247,594		224,034		203,314
2021 Euro Term Loan	495,209		487,881		416,617		369,738
	$	1,013,944	$	999,209	$	891,456	$	806,349

Schedule of Guarantor Obligations

We pay Guarantee Fees to Time Warner based on the amounts outstanding on the Euro Term Loans calculated on a per annum basis and on our consolidated net leverage (as defined in the Reimbursement Agreement) as shown in the table below:

Consolidated Net Leverage				Cash Rate (1)		PIK Fee Rate		Total Rate
≥	7.0x			5.00	%	3.50	%	8.50	%
<	7.0x	-	6.0x	5.00	%	2.25	%	7.25	%
<	6.0x	-	5.0x	5.00	%	1.00	%	6.00	%
<	5.0x			5.00	%	—	%	5.00	%

⁽¹⁾  Includes cash paid for interest for the Euro Term Loans and the related customary hedging arrangements.

Schedule of Interest Rate Summary

Interest Rate Summary

	Base Rate			Rate Fixed Pursuant to Interest Rate Hedges			Guarantee Fee Rate		All-in Borrowing Rate
2018 Euro Term Loan	1.50	%		0.21	%	(1)	5.54	%	7.25	%
2019 Euro Term Loan	1.50	%		0.31	%		5.44	%	7.25	%
2021 Euro Term Loan	1.50	%		0.28	%		5.47	%	7.25	%
2021 Revolving Credit Facility (2)	9.15	%	(3)	—	%		—	%	9.15	%

⁽¹⁾  Effective until November 1, 2017. From November 1, 2017 through maturity on November 1, 2018, the rate fixed pursuant to interest rate hedges will decrease to 0.14%, with a corresponding increase in the guarantee fee rate, such that the all-in borrowing rate remains 7.25% if our net leverage ratio remains unchanged.

⁽²⁾  As at March 31, 2017, the aggregate principal amount available under the 2021 Revolving Credit Facility was undrawn.

Credit Facilities And Capital Lease Obligations

Other credit facilities and capital lease obligations comprised the following at March 31, 2017 and December 31, 2016:

	March 31, 2017			December 31, 2016
Credit facilities (1) – (3)	$	—		$	—
Capital leases	4,360			4,313
Total credit facilities and capital leases	4,360			4,313
Less: current maturities	(1,576		)	(1,494		)
Total non-current credit facilities and capital leases	$	2,784		$	2,819

⁽¹⁾  We have a cash pooling arrangement with Bank Mendes Gans (“BMG”), a subsidiary of ING Bank N.V. (“ING”), which enables us to receive credit across the group in respect of cash balances deposited with BMG. Cash deposited by our subsidiaries with BMG is pledged as security against the drawings of other subsidiaries up to the amount deposited.

As at March 31, 2017, we had deposits of US$ 28.7 million in and no drawings on the BMG cash pool. Interest is earned on deposits at the relevant money market rate. As at December 31, 2016, we had deposits of US$ 16.4 million in and no drawings on the BMG cash pool.

⁽²⁾ As at March 31, 2017 and December 31, 2016, there were no drawings outstanding under a CZK 675.0 million (approximately US$ 26.7 million) factoring framework agreement with Factoring České spořitelny, a.s. Under this facility, up to CZK 675.0 million (approximately US$ 26.7 million) of receivables from certain customers in the Czech Republic may be factored on a recourse or non-recourse basis. The facility has a factoring fee of 0.3% of any factored receivable and bears interest at one-month PRIBOR plus 2.5% per annum for the period that receivables are factored and outstanding.    

⁽³⁾  As at March 31, 2017 and December 31, 2016, there were RON 156.3 million (approximately US$ 36.7 million) and RON 105.7 million (approximately US$ 24.6 million), respectively, of receivables factored under a factoring framework agreement with Global Funds IFN S.A. Under this facility, receivables from certain customers in Romania may be factored on a non-recourse basis. The facility has a factoring fee of 4.0% of any factored receivable and bears interest at 6.0% per annum from the date the receivables are factored to the due date of the factored receivable.

Maturity Of Senior Debt And Credit Facility

At March 31, 2017, the maturity of our long-term debt and credit facilities, excluding any future elections to pay interest in kind, was as follows:

2017	$	—
2018	268,130
2019	251,597
2020	—
2021	501,194
2022 and thereafter	—
Total long-term debt and credit facilities	1,020,921
Debt issuance costs	(6,977		)
Carrying amount of long-term debt and credit facilities	$	1,013,944

Schedule of Future Minimum Lease Payments for Capital Leases

The future minimum lease payments, by year and in the aggregate, under capital leases with initial or remaining non-cancellable lease terms in excess of one year, consisted of the following at March 31, 2017:

2017	$	1,274
2018	1,437
2019	1,114
2020	636
2021	31
2022 and thereafter	—
Total undiscounted payments	4,492
Less: amount representing interest	(132		)
Present value of net minimum lease payments	$	4,360