Charter 2002 Annual Report Download - page 97

Download and view the complete annual report

Please find page 97 of the 2002 Charter annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 130

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2002, 2001 and 2000
(dollars in millions, except where indicated)
0.375% per annum is payable on the unborrowed balance of the revolving credit facilities. As of December 31,
2002, outstanding borrowings were approximately $4.5 billion and the unused total potential availability was
$633 million although Ñnancial covenants limited our availability to $318 million as of December 31, 2002.
CC VI Operating Credit Facilities. The CC VI Operating credit facilities provide for two term facilities,
one with a principal amount of $450 million that matures May 2008 (Term A), and the other with a principal
amount of $400 million that matures November 2008 (Term B). The CC VI Operating credit facilities also
provide for a $350 million reducing revolving credit facility with a maturity date in May 2008. At the option of
the lenders, supplemental credit facilities in the amount of $300 million may be available until December 31,
2004. Amounts under the CC VI Operating credit facilities bear interest at the base rate or the Eurodollar
rate, as deÑned, plus a margin of up to 3.0% for Eurodollar loans (4.31% to 2.62% as of December 31, 2002)
and 2.0% for base rate loans. A quarterly commitment fee of between 0.250% and 0.375% per annum is
payable on the unborrowed balance of the Term A facility and the revolving facility. As of December 31, 2002,
outstanding borrowings were $926 million and unused total potential availability was $274 million although
Ñnancial covenants limited our availability to $127 million as of December 31, 2002.
Falcon Cable Credit Facilities. The Falcon Cable credit facilities provide for two term facilities, one
with a principal amount of $192 million that matures June 2007 (Term B), and the other with the principal
amount of $288 million that matures December 2007 (Term C). The Falcon Cable credit facilities also
provide for a reducing revolving facility of up to approximately $68 million (maturing in December 2006), a
reducing supplemental facility of up to $110 million (maturing in December 2007) and a second reducing
revolving facility of up to $670 million (maturing in June 2007). At the option of the lenders, supplemental
credit facilities in the amount of up to $486 million may also be available. Amounts under the Falcon Cable
credit facilities bear interest at the base rate or the Eurodollar rate, as deÑned, plus a margin of up to 2.5% for
Eurodollar loans (4.07% to 2.685% as of December 31, 2002) and up to 1.5% for base rate loans. A quarterly
commitment fee of between 0.25% and 0.375% per annum is payable on the unborrowed balance of the
revolving facilities. As of December 31, 2002, outstanding borrowings were $1.2 billion and unused total
potential availability was $173 million, all of which would have been available based on Ñnancial covenants as
of December 31, 2002.
CC VIII Operating Credit Facilities. The CC VIII Operating credit facilities provide for borrowings of
up $1.49 billion as of December 31, 2002. The CC VIII credit facilities provide for three term facilities, two
Term A facilities with a reduced current aggregate principal amount of $450 million, that continues reducing
quarterly until they reach maturity in June 2007, and a Term B facility with a reduced current principal
amount of $495 million, that continues reducing quarterly until it reaches maturity in February 2008. The
CC VIII Operating credit facilities also provide for two reducing revolving credit facilities, in the aggregate
amount of $547 million, which will reduce quarterly beginning in March 2002 and September 2005,
respectively, with maturity dates in June 2007. At the option of the lenders, supplemental facilities in the
amount of $300 million may be available. Amounts under the CC VIII Operating credit facilities bear interest
at the base rate or the Eurodollar rate, as deÑned, plus a margin of up to 2.75% for Eurodollar loans (4.54% to
2.89% as of December 31, 2002) and up to 1.75% for base rate loans. A quarterly commitment fee of between
0.250% and 0.375% is payable on the unborrowed balance of the revolving credit facilities. As of December 31,
2002, outstanding borrowings were $1.2 billion, and unused total potential availability was $326 million, all of
which would have been available based on Ñnancial covenants as of December 31, 2002.
Obligations under the credit facilities of the Company's subsidiaries are guaranteed by each respective
subsidiary's parent and by each of their operating subsidiaries. The obligations under the credit facilities of the
Company's subsidiaries are secured by pledges of all equity interests owned by each subsidiary and its
operating subsidiaries in other persons, and intercompany obligations owing to each subsidiary and/or its
F-29