Debt

3 Months Ended

Mar. 31, 2023

Debt [Abstract]

Debt

‎

10.DEBT

The principal values, fair values, and carrying values of debt consist of the following (in thousands):

		As of						As of
		March 31, 2023						December 31, 2022
	Maturity Date	Principal ‎Balance		Fair Value		Carrying ‎Value		Principal ‎Balance		Fair Value		Carrying ‎Value
Revolving Credit Facility	Jul. 7, 2026	$	675,000	$	675,000	$	675,000	$	720,000	$	720,000	$	720,000
2018 Term Loan	Apr. 11, 2025		2,286,000		2,286,000		2,278,817		2,292,000		2,280,540		2,284,007
2014-2C Tower Securities (1)	Oct. 8, 2024		620,000		604,612		618,357		620,000		598,480		618,099
2019-1C Tower Securities (1)	Jan. 12, 2025		1,165,000		1,110,828		1,160,474		1,165,000		1,095,776		1,159,860
2020-1C Tower Securities (1)	Jan. 9, 2026		750,000		678,660		745,841		750,000		665,633		745,480
2020-2C Tower Securities (1)	Jan. 11, 2028		600,000		519,390		595,793		600,000		506,574		595,586
2021-1C Tower Securities (1)	Nov. 9, 2026		1,165,000		1,014,550		1,156,304		1,165,000		991,705		1,155,724
2021-2C Tower Securities (1)	Apr. 9, 2027		895,000		774,265		887,867		895,000		756,302		887,443
2021-3C Tower Securities (1)	Oct. 9, 2031		895,000		709,565		886,711		895,000		686,134		886,495
2022-1C Tower Securities (1)	Jan. 11, 2028		850,000		868,488		840,091		850,000		855,899		840,053
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,406,595		1,487,739		1,500,000		1,375,815		1,487,013
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,248,750		1,488,834		1,500,000		1,286,250		1,488,402
Total debt		$	12,901,000	$	11,896,703	$	12,821,828	$	12,952,000	$	11,819,108	$	12,868,162
Less: current maturities of long-term debt							(24,000)						(24,000)
Total long-term debt, net of current maturities						$	12,797,828					$	12,844,162

(1)The maturity date represents the anticipated repayment date for each issuance.

The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:

	Interest	For the three months ended March 31,
	Rates as of	2023				2022
	March 31,	Cash		Non-cash		Cash		Non-cash
	2023	Interest		Interest		Interest		Interest
		(in thousands)
Revolving Credit Facility	6.037%	$	9,286	$	—	$	2,279	$	—
2018 Term Loan (1)	2.569%		14,363		9,223		10,910		11,438
2014-2C Tower Securities	3.869%		6,046		—		6,046		—
2018-1C Tower Securities	3.448%		—		—		5,570		—
2019-1C Tower Securities	2.836%		8,357		—		8,357		—
2020-1C Tower Securities	1.884%		3,598		—		3,598		—
2020-2C Tower Securities	2.328%		3,540		—		3,540		—
2021-1C Tower Securities	1.631%		4,846		—		4,846		—
2021-2C Tower Securities	1.840%		4,196		—		4,196		—
2021-3C Tower Securities	2.593%		5,873		—		5,873		—
2022-1C Tower Securities	6.599%		14,093		—		—		—
2020 Senior Notes	3.875%		14,531		88		14,531		88
2021 Senior Notes	3.125%		11,719		—		11,719		—
Other			778		4,928		787		—
Total		$	101,226	$	14,239	$	82,252	$	11,526

(1)The 2018 Term Loan has a blended rate of 2.569%, which includes the impact of the interest rate swap entered into on August 4, 2020, which swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 6.600% as of March 31, 2023. Refer to Note 17 for more information on the Company’s interest rate swap.

‎

Revolving Credit Facility under the Senior Credit Agreement

The key terms of the Revolving Credit Facility are as follows:

		Unused	Financial Covenant
	Interest Rate	Commitment	Compliance
	as of	Fee as of	Status as of
	March 31, 2023 (1)	March 31, 2023 (2)	March 31, 2023
Revolving Credit Facility	6.037%	0.140%	In Compliance

(1)The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2022.

(2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2022.

The table below summarizes the Company’s Revolving Credit Facility activity during the three months ended March 31, 2023 and 2022 (in thousands):

	For the three months
	ended March 31,
	2023		2022
Beginning outstanding balance	$	720,000	$	350,000
Borrowings		140,000		330,000
Repayments		(185,000)		—
Ending outstanding balance	$	675,000	$	680,000

Subsequent to March 31, 2023, the Company repaid $80.0 million under the Revolving Credit Facility, and as of the date of this filing, $595.0 million was outstanding.

Term Loan under the Senior Credit Agreement

During the three months ended March 31, 2023, the Company repaid an aggregate of $6.0 million of principal on the 2018 Term Loan. As of March 31, 2023, the 2018 Term Loan had a principal balance of $2.3 billion.

Secured Tower Revenue Securities

As of March 31, 2023, the entities that are borrowers on the mortgage loan (the “Borrowers”) met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of the Borrowers.