LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

Summary

	March 31, 2018			December 31, 2017
Long-term debt	$	1,047,600		$	1,079,187
Other credit facilities and capital leases	10,161			9,487
Total long-term debt and other financing arrangements	1,057,761			1,088,674
Less: current maturities	(3,439		)	(2,960		)
Total non-current long-term debt and other financing arrangements	$	1,054,322		$	1,085,714

Schedule of Long-term Debt Instruments

Total long-term debt and credit facilities comprised the following at March 31, 2018:

	Principal Amount of Liability Component		Debt Issuance Costs (1)			Net Carrying Amount
2018 Euro Term Loan	$	185,801	$	(278	)	$	185,523
2019 Euro Term Loan	289,956		(325		)	289,631
2021 Euro Term Loan	577,608		(5,162		)	572,446
2021 Revolving Credit Facility	—		—			—
Total long-term debt and credit facilities	$	1,053,365	$	(5,765	)	$	1,047,600

⁽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

Our long-term debt comprised the following at March 31, 2018 and December 31, 2017:

	Carrying Amount				Fair Value
	March 31, 2018		December 31, 2017		March 31, 2018		December 31, 2017
2018 Euro Term Loan	$	185,523	$	240,545	$	180,486	$	236,337
2019 Euro Term Loan	289,631		281,871		276,968		268,858
2021 Euro Term Loan	572,446		556,771		525,017		510,882
	$	1,047,600	$	1,079,187	$	982,471	$	1,016,077

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 (2)
≥	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	%		0.14	%	4.36	%	6.00	%
2019 Euro Term Loan	1.50	%		0.31	%	4.19	%	6.00	%
2021 Euro Term Loan	1.50	%		0.28	%	4.22	%	6.00	%
2021 Revolving Credit Facility (1)	9.31	%	(2)	—	%	—	%	9.31	%

⁽¹⁾  As at March 31, 2018, the 2021 Revolving Credit Facility was undrawn.

⁽²⁾  Based on the three month LIBOR of 2.31% as at March 31, 2018.

Credit Facilities And Capital Lease Obligations

Other credit facilities and capital lease obligations comprised the following at March 31, 2018 and December 31, 2017:

	March 31, 2018			December 31, 2017
Credit facilities (1) – (3)	$	—		$	—
Capital leases	10,161			9,487
Total credit facilities and capital leases	10,161			9,487
Less: current maturities	(3,439		)	(2,960		)
Total non-current credit facilities and capital leases	$	6,722		$	6,527

⁽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 throughout the group in respect of cash balances which our subsidiaries deposit 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, 2018, we had deposits of US$ 38.1 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, 2017, we had deposits of US$ 12.4 million in and no drawings on the BMG cash pool.

⁽²⁾ As at March 31, 2018 there were no drawings outstanding under a CZK 575.0 million (approximately US$ 27.9 million) factoring framework agreement with Factoring Česka spořitelna ("FCS"), a.s. As at December 31, 2017, approximately CZK 127.2 million (approximately US$ 6.2 million at March 31, 2018 rates) of receivables were factored on a non-recourse basis and derecognized from the condensed consolidated balance sheet. Under this facility, 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 0.19% of any factored receivable and bears interest at one-month PRIBOR plus 0.95% per annum for the period that receivables are factored and outstanding.

⁽³⁾  As at March 31, 2018 and December 31, 2017, there were RON 136.1 million (approximately US$ 36.0 million) and RON 99.8 million (approximately US$ 26.4 million), respectively, of receivables factored under a factoring framework agreement with Global Funds IFN S.A. that were derecognized from the condensed consolidated balance sheet. 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, 2018, the maturity of our long-term debt and credit facilities was as follows:

2018	$	—
2019	475,757
2020	—
2021	577,608
2022	—
2023 and thereafter	—
Total long-term debt and credit facilities	1,053,365
Debt issuance costs	(5,765		)
Carrying amount of long-term debt and credit facilities	$	1,047,600

On April 25, 2018 we entered into amendments which extend the maturity date of the 2019 Euro Term Loan to November 1, 2021, and the maturity date of the 2021 Euro Term Loan and the 2021 Revolving Credit Facility to April 26, 2023. These amendments are effective on April 26, 2018 (see Note 22, "Subsequent Events").

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, 2018:

2018	$	2,717
2019	3,229
2020	2,899
2021	1,648
2022	58
2023 and thereafter	—
Total undiscounted payments	10,551
Less: amount representing interest	(390		)
Present value of net minimum lease payments	$	10,161