Windstream 2012 Annual Report Download - page 153

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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F-55
5. Long-term Debt and Capital Lease Obligations, Continued:
associated with the new borrowings were $1.8 million and were recorded in other assets on the balance sheet and will be
amortized into interest expense over the life of the borrowings.
Revolving line of credit - We borrowed $730.0 million under the revolving line of credit in our senior secured credit facility
and later repaid $1,650.0 million during 2012. On March 18, 2011, we increased the capacity under our senior secured
revolving credit facility from $750.0 million to $1,250.0 million. Letters of credit are deducted in determining the total amount
available for borrowing under the revolving line of credit. Accordingly, the total amount outstanding under the letters of credit
and the indebtedness incurred under the revolving line of credit may not exceed $1,250.0 million. Considering letters of credit
of $15.7 million, the amount available for borrowing under the revolving line of credit was $1,234.3 million at December 31,
2012.
The variable interest rate on our revolving line of credit ranged from 2.47 percent to 4.50 percent, and the weighted average
rate on amounts outstanding was 2.53 percent during 2012, as compared to variable interest rates during 2011 which ranged
from 1.52 percent to 4.50 percent with a weighted average rate on amounts outstanding of 2.54 percent. All $1,250.0 million
available under the revolving line of credit will expire December 17, 2015.
Debentures and notes, without collateral
2013 Notes - The 8.125 percent Senior Notes, issued in July 2006 in the aggregate principal amount of $800.0 million, are due
August 1, 2013 (the "2013 Notes"). Interest on the notes is payable semi-annually.
2017 Notes - The 7.875 percent Senior Notes, issued in September 2009 at an aggregate principal amount of $1,100.0 million,
are due November 1, 2017 (the "2017 Notes"). Interest is payable semi-annually.
2018 Notes - On July 19, 2010, we issued $400.0 million in aggregate principal amount of 8.125 percent senior unsecured
notes due September 1, 2018 at an issue price of 99.248 percent to yield 8.25 percent. Proceeds from the issuance were used to
repay borrowings against our line of credit, which together with cash on hand, was used to pay the cash portion of the Iowa
Telecom and NuVox purchase prices and to repay the outstanding debt of these businesses.
2019 Notes - The 7.000 percent Senior Notes, issued in February 2007 at an aggregate principal amount of $500.0 million, are
due March 15, 2019 (the "2019 Notes"). Interest is payable semi-annually.
2020 Notes - On January 24, 2011, we completed the private placement of an additional $200.0 million in aggregate principal
amount of 7.75 percent senior unsecured notes due October 15, 2020 at 103.000 percent to yield 7.233 percent (the "Additional
2020 Notes"). Proceeds from the private placement were used to retire the 7.750 Senior Notes due February 15, 2015 (the
"Valor Notes").
On October 6, 2010, we completed the private placement of $500.0 million in aggregate principal amount of 7.750 percent
senior unsecured notes due October 15, 2020 at par to yield 7.75 percent. Proceeds from the private placement totaled $491.3
million, excluding debt issuance costs, and were used, together with cash on hand, to finance the acquisition of Q-Comm.
2021 Notes - On March 28, 2011, we completed the private placement of $450.0 million in aggregate principal amount of 7.750
percent senior unsecured notes due October 1, 2021, at an issue price of 99.116 percent to yield 7.875 percent (the "2021
Notes"). Proceeds from the private placement were used to purchase for cash a portion of our outstanding 2016 Notes,
including any accrued and unpaid interest on the tendered 2016 Notes, together with related fees and expenses. Interest is
payable semi-annually.
2022 Notes - On November 22, 2011, we completed the private placement of $500.0 million in aggregate principal amount of
7.500 percent senior unsecured notes due June 1, 2022 at par to yield 7.500 percent (the "2022 Notes"). Proceeds from the
private placement were used to redeem the approximately $201.5 million outstanding of our 2016 Notes at a redemption price
payable in cash that is equal to $1,043 per $1,000 aggregate principal amount. Interest is payable semi-annually.
2023 Notes - On March 16, 2011, we completed the private placement of $600.0 million in aggregate principal amount of 7.500
percent senior unsecured notes due April 1, 2023, at par to yield 7.500 percent (the "2023 Notes"). Proceeds from the private
placement were used to purchase for cash a portion of our outstanding 2016 Notes, including any accrued and unpaid interest
on the tendered 2016 Notes, together with related fees and expenses. Interest is payable semi-annually.