Sprint - Nextel 2015 Annual Report Download - page 115

Table of Contents
Index to Consolidated Financial Statements
SPRINT CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 9. Long-Term Debt, Financing and Capital Lease Obligations
Interest Rates
Maturities
March 31,
2016
March 31,
2015
(in millions)
Notes
Senior notes
Sprint Corporation 7.13 - 7.88%
2021 - 2025
$ 10,500
$ 10,500
Sprint Communications, Inc. 6.00 - 11.50%
2016 - 2022
9,280
9,280
Sprint Capital Corporation 6.88 - 8.75%
2019 - 2032
6,204
6,204
Guaranteed notes
Sprint Communications, Inc. 7.00 - 9.00%
2018 - 2020
4,000
4,000
Secured notes
Clearwire Communications LLC (1) 14.75%
2016
300
300
Exchangeable notes
Clearwire Communications LLC (1) 8.25%
2040
629
629
Credit facilities
Bank credit facility 3.94%
2018
—
—
Export Development Canada (EDC) 4.16 - 5.91%
2017 - 2019
550
800
Secured equipment credit facilities 2.02 - 2.75%
2017 - 2021
805
610
Financing obligations 2.02 -6.10%
2017 - 2021
828
275
Capital lease obligations and other 2.35 - 10.52%
2016 - 2023
265
127
Net premiums and debt financing costs
597
917
33,958 33,642
Less current portion
(4,690)
(1,300)
Long-term debt, financing and capital lease obligations
$ 29,268 $ 32,342
________
(1) NotesofClearwireCommunicationsLLCarealsodirectobligationsofClearwireFinance,Inc.andareguaranteedbycertainClearwiresubsidiaries.
As of March 31, 2016 , Sprint Corporation, the parent corporation, had $10.5 billion in aggregate principal amount of senior notes outstanding. In
addition, as of March 31, 2016 , the outstanding principal amount of senior notes issued by Sprint Communications, Inc. and Sprint Capital Corporation,
guaranteed notes issued by Sprint Communications, Inc., exchangeable notes issued by Clearwire Communications LLC, the EDC agreement, the secured
equipment credit facilities and installment payment obligations, totaling $21.6 billion in principal amount of our long-term debt issued by 100% owned
subsidiaries, was fully and unconditionally guaranteed by Sprint Corporation. The indenture governing the secured notes of Clearwire Communications LLC
restricts the ability of it and its subsidiaries to distribute cash to its parent. Although certain financing agreements restrict the ability of Sprint Communications, Inc.
and its subsidiaries to distribute cash to Sprint Corporation, the ability of the subsidiaries to distribute cash to their respective parents, including to Sprint
Communications, Inc. is generally not restricted.
As of March 31, 2016 , approximately $2.1 billion aggregate principal amount of our outstanding debt, comprised of certain notes, financing and capital
lease obligations, was secured by $15.8 billion of property, plant and equipment and other assets, net. Cash interest payments, net of amounts capitalized of $51
million , $56 million , $13 million and $30 million , totaled $2.4 billion , $2.3 billion , $559 million , and $1.0 billion during the Successor years ended March 31,
2016 and 2015 , the three-month transition period ended March 31, 2014 and year ended December 31, 2013 , respectively. Cash interest payments, net of amounts
capitalized of $29 million and $15 million , totaled $814 million and $305 million during the Predecessor 191-day period ended July 10, 2013 and unaudited three-
month period ended March 31, 2013, respectively. Our weighted average effective interest rate related to our notes and credit facilities was 6.4% , 6.1% , 6.2% ,
and 6.4% for the Successor years ended March 31, 2016 and 2015 , three-month transition period ended March 31, 2014, and year ended December 31, 2013 ,
respectively, and 8.9% and 7.1% for the Predecessor 191-day period ended July 10, 2013 and unaudited three-month period ended March 31, 2013, respectively.
F-31