Sprint - Nextel 2013 Annual Report Download - page 191

Table of Contents
Index to Consolidated Financial Statements
CLEARWIRE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — ( CONTINUED)
Long
- term debt at July 9, 2013 and December 31, 2012 consisted of the following (in thousands):
_______________________________________
F - 70
9.
Long - term Debt, Net
July 9, 2013
Interest
Rates
Effective
Rate(1)
Maturities
Par
Amount
Net
Discount
Carrying
Value
Notes:
2015 Senior Secured Notes
12.00%
12.92%
2015
$
2,947,494
$
(23,622
)
$
2,923,872
2016 Senior Secured Notes
14.75%
15.36%
2016
300,000
—
300,000
Second - Priority Secured Notes
12.00%
12.42%
2017
500,000
—
500,000
Exchangeable Notes
8.25%
16.93%
2040
629,250
(153,009
)
476,241
Sprint Notes
1.00%
N/A (5)
2018
240,000
(227,265
)
12,735
Vendor Financing Notes(3)
LIBOR based
(2)
6.37%
2014/2015
31,982
—
31,982
Capital lease obligations and other
(3)
122,615
—
122,615
Total debt, net
$
4,771,341
$
(403,896
)
4,367,445
Less: Current portion of Vendor Financing
Notes and capital lease obligations and other
(4)
(44,510
)
Total long - term debt, net
$
4,322,935
(1)
Represents weighted average effective interest rate based on year- end balances.
(2)
Coupon rate based on 3-month LIBOR plus a spread of 5.50% (secured) and 7.00% (unsecured). Included in the balance are unsecured notes with par amount of $15.2
million at July 9, 2013.
(3)
As of July 9, 2013, par amount of approximately $138.0 million is secured by assets classified as Network and base station equipment. The remaining par amount is
unsecured.
(4)
Included in Other current liabilities on the consolidated balance sheet.
(5)
The discount on the Sprint Notes is accreted as interest expense on a straight-line basis over the life of the notes due to the magnitude of the initial discount. For further
discussion, see Sprint Notes below.