Sprint - Nextel 2014 Annual Report Download - page 173

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Table of Contents
Index to Consolidated Financial Statements
CLEARWIRE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS —(CONTINUED)
F-90
9. Long-term Debt, Net
Long-term debt at July 9, 2013 and December 31, 2012 consisted of the following (in thousands):
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.