Windstream 2015 Annual Report Download - page 192
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
____
F-62
5. Long-term Debt and Lease Obligations:
Windstream Holdings has no debt obligations. All debt, including the senior secured credit facility described below, have been
incurred by Windstream Services and its subsidiaries. Windstream Holdings is neither a guarantor of nor subject to the restrictive
covenants imposed by such debt.
Long-term debt was as follows at December 31:
(Millions) 2015 2014
Issued by Windstream Services:
Senior secured credit facility, Tranche A3 – variable rates, due December 30, 2016 (a) $ — $ 344.3
Senior secured credit facility, Tranche A4 – variable rates, due August 8, 2017 (a) — 255.0
Senior secured credit facility, Tranche B4 – variable rates, due January 23, 2020 (a) — 1,318.1
Senior secured credit facility, Tranche B5 – variable rates, due August 8, 2019 578.2 584.1
Senior secured credit facility, Revolving line of credit – variable rates, due
April 24, 2020 300.0 625.0
Debentures and notes, without collateral:
2017 Notes – 7.875%, due November 1, 2017 (b) 904.1 1,100.0
2018 Notes – 8.125%, due September 1, 2018 — 400.0
2020 Notes – 7.750%, due October 15, 2020 700.0 700.0
2021 Notes – 7.750%, due October 1, 2021 (b) 920.4 950.0
2022 Notes – 7.500%, due June 1, 2022 (b) 485.9 500.0
2023 Notes – 7.500%, due April 1, 2023 (b) 540.1 600.0
2023 Notes – 6.375%, due August 1, 2023 700.0 700.0
Issued by subsidiaries of the Company:
Windstream Holdings of the Midwest, Inc. – 6.75%, due April 1, 2028 100.0 100.0
Cinergy Communications Company – 6.58%, due January 1, 2022 — 1.9
Debentures and notes, without collateral:
PAETEC 2018 Notes – 9.875%, due December 1, 2018 — 450.0
Premium on long-term debt, net (c) 4.6 23.3
Unamortized debt issuance costs (c) (62.8)(87.7)
5,170.5 8,564.0
Less current maturities (5.9)(717.5)
Total long-term debt $ 5,164.6 $ 7,846.5
Weighted average interest rate 6.8% 6.5%
Weighted maturity 5.3 years 5.1 years
(a) Debt obligation was retired in connection with completion of the debt-for-debt exchange (see Note 3).
(b) During 2015, Windstream Services repurchased in the open market a portion of this debt obligation.
(c) The net premium balance and unamortized debt issuance costs are amortized using the interest method over the life of the
related debt instrument.