| Debt and Other Obligations |
Debt and Other Obligations | | | | | | | | | | | | | | | | | | Original Issue Date | | Contractual Maturity Date | | Outstanding Balance as of March 31, 2013 | | Outstanding Balance as of December 31, 2012 | | Stated Interest Rate as of March 31, 2013(a) | | Bank debt - variable rate: | | | | | | | | | | | 2012 Revolver | Jan. 2012 | | Jan. 2017 | (b) | 1,088,000 |
| (b) | 1,253,000 |
| | 2.7 | % | (c) | 2012 Term Loans | Jan. 2012 | | 2017/2019 | | 2,055,000 |
| | 2,065,250 |
| | 3.7 | % | (c) | Total bank debt | | | | | 3,143,000 |
| | 3,318,250 |
| | | | Securitized debt - fixed rate: | | | | | | | | | | | January 2010 Tower Revenue Notes | Jan. 2010 | | 2035 - 2040 | (d) | 1,900,000 |
| | 1,900,000 |
| | 5.7 | % | (d) | August 2010 Tower Revenue Notes | Aug. 2010 | | 2035 - 2040 | (d) | 1,550,000 |
| | 1,550,000 |
| | 4.5 | % | (d) | 2009 Securitized Notes | July 2009 | | 2019/2029 | (e) | 193,800 |
| | 198,463 |
| | 7.2 | % | | WCP Securitized Notes | Nov. 2010 | | Nov. 2040 | (f) | 302,538 |
| (f) | 307,739 |
| | 5.5 | % | | Total securitized debt | | | | | 3,946,338 |
| | 3,956,202 |
| | | | Bonds - fixed rate: | | | | | | | | | | | 9% Senior Notes | Jan. 2009 | | Jan. 2015 | | — |
| | 304,718 |
| | N/A |
| | 7.75% Secured Notes | Apr. 2009 | | May 2017 | | — |
| | 291,394 |
| | N/A |
| | 7.125% Senior Notes | Nov. 2009 | | Nov. 2019 | | 498,166 |
| | 498,110 |
| | 7.1 | % | | 5.25% Senior Notes | Oct. 2012 | | Jan. 2023 | | 1,650,000 |
| | 1,650,000 |
| | 5.3 | % | | 2012 Senior Notes | Dec. 2012 | | 2017/2023 | (g) | 1,500,000 |
| | 1,500,000 |
| | 3.4 | % | | Total bonds | | | | | 3,648,166 |
| | 4,244,222 |
| | | | Other: | | | | | | | | | | | Capital leases and other obligations | Various | | Various | | 98,652 |
| | 92,568 |
| | Various |
| | Total debt and other obligations | | | | | 10,836,156 |
| | 11,611,242 |
| | | | Less: current maturities and short-term debt and other current obligations | | | | | 94,839 |
| | 688,056 |
| | | | Non-current portion of long-term debt and other long-term obligations | | | | | $ | 10,741,317 |
| | $ | 10,923,186 |
| | | |
________________ | | (a) | Represents the weighted-average stated interest rate. |
| | (b) | As of March 31, 2013, the undrawn availability under the $1.5 billion 2012 Revolver is $412.0 million. |
| | (c) | The 2012 Revolver and the Term Loan A bear interest at a per annum rate equal to LIBOR plus 2.0% to 2.75%, based on CCOC's total net leverage ratio. Term Loan B bears interest at a per annum rate equal to LIBOR plus 3.0% (with LIBOR subject to a floor of 1% per annum). See note 11. |
| | (d) | If the respective series of the January 2010 Tower Revenue Notes and August 2010 Tower Revenue Notes are not paid in full on or prior to 2015, 2017 and 2020, as applicable, then Excess Cash Flow (as defined in the indenture) of the issuers (of such notes) will be used to repay principal of the applicable series and class of the 2010 Tower Revenue Notes, and additional interest (of approximately 5% per annum) will accrue on the respective 2010 Tower Revenue Notes. The January 2010 Tower Revenue Notes consist of three series of notes with principal amounts of $300.0 million, $350.0 million and $1.3 billion, having anticipated repayment dates in 2015, 2017 and 2020, respectively. The August 2010 Tower Revenue Notes consist of three series of notes with principal amounts of $250.0 million, $300.0 million and $1.0 billion, having anticipated repayment dates in 2015, 2017 and 2020, respectively. |
| | (e) | The 2009 Securitized Notes consist of $123.8 million of principal as of March 31, 2013 that amortizes through 2019, and $70.0 million of principal as of March 31, 2013 that amortizes during the period beginning in 2019 and ending in 2029. |
| | (f) | The anticipated repayment date is 2015 for each class of the WCP Securitized Notes. If the WCP Securitized Notes are not repaid in full by their anticipated repayment dates, the applicable interest rate increases by an additional approximately 5% per annum. If the WCP Securitized Notes are not repaid in full by their rapid amortization date of 2017, monthly principal payments commence using the excess cash flows of the issuers of the WCP Securitized Notes. |
| | (g) | The 2012 Secured Notes consists of $500 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2023. |
See note 11 for a discussion of the refinancing of the Term Loan B in April 2013. Contractual Maturities The following are the scheduled contractual maturities of the total debt and other long-term obligations outstanding at March 31, 2013. These maturities reflect contractual maturity dates and do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes and the rapid amortization date on the WCP Securitized Notes. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended December 31, | | Years Ending December 31, | | | | | | Unamortized Adjustments, Net | | Total Debt and Other Obligations Outstanding | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | Thereafter | | Total Cash Obligations | | | Scheduled contractual maturities | $ | 68,314 |
| | $ | 99,773 |
| | $ | 112,241 |
| | $ | 113,508 |
| | $ | 1,975,529 |
| | $ | 8,457,942 |
| | $ | 10,827,307 |
| | $ | 8,849 |
| | $ | 10,836,156 |
|
Debt Purchases and Repayments The following is a summary of debt purchases and repayments of debt during the three months ended March 31, 2013. | | | | | | | | | | | | | | Three Months Ended March 31, 2013 | | Principal Amount | | Cash Paid(a) | | Gains (Losses)(c) | Revolver | $ | 165,000 |
| | $ | 165,000 |
| | $ | — |
| 9% Senior Notes | 314,170 |
| | 332,001 |
| | (17,850 | ) | 7.75% Secured Notes(b) | 294,362 |
| | 312,421 |
| | (18,059 | ) | Total | $ | 773,532 |
| | $ | 809,422 |
| | $ | (35,909 | ) |
________________ | | (a) | Exclusive of accrued interest. |
| | (b) | The redemption of the 7.75% Secured Notes was funded by the release of restricted cash. |
| | (c) | The losses relate to cash losses, including with respect to make whole payments. |
Interest Expense and Amortization of Deferred Financing Costs The components of "interest expense and amortization of deferred financing costs" are as follows: | | | | | | | | | | Three Months Ended March 31, | | 2013 | | 2012 | Interest expense on debt obligations | $ | 127,449 |
| | $ | 113,007 |
| Amortization of deferred financing costs | 9,047 |
| | 4,812 |
| Amortization of adjustments on long-term debt | 11,436 |
| | 3,763 |
| Amortization of interest rate swaps(a) | 16,262 |
| | 16,338 |
| Other, net of capitalized interest | 175 |
| | (448 | ) | Total | $ | 164,369 |
| | $ | 137,472 |
|
| | (a) | Amounts reclassified from accumulated other comprehensive income (loss). |
|