Debt and Other Obligations



	Original Issue Date	Contractual Maturity Date ^(a)		Balance as of September 30, 2017			Balance as of December 31, 2016		Stated Interest Rate as of September 30, 2017^(a)
Bank debt - variable rate:
2016 Revolver	Jan. 2016	Aug. 2022	^(e)	$	—	^(b)(d)(e)(f)	$	—	2.6	%
2016 Term Loan A	Jan. 2016	Aug. 2022	^(e)	2,411,400		^(e)	1,954,173		2.6	%
Total bank debt				2,411,400			1,954,173
Securitized debt - fixed rate:
Secured Notes, Series 2009-1, Class A-1	July 2009	Aug. 2019		36,595			51,416		6.3	%
Secured Notes, Series 2009-1, Class A-2	July 2009	Aug. 2029		69,469			68,737		9.0	%
Tower Revenue Notes, Series 2010-3	Jan. 2010	Jan. 2040	^(c)	1,245,639			1,244,237		6.1	%
Tower Revenue Notes, Series 2010-6	Aug. 2010	Aug. 2040	^(c)	994,905			993,557		4.9	%
Tower Revenue Notes, Series 2015-1	May 2015	May 2042	^(c)	297,051			296,573		3.2	%
Tower Revenue Notes, Series 2015-2	May 2015	May 2045	^(c)	692,065			691,285		3.7	%
Total securitized debt				3,335,724			3,345,805
Bonds - fixed rate:
5.250% Senior Notes	Oct. 2012	Jan. 2023		1,638,680			1,637,099		5.3	%
3.849% Secured Notes	Dec. 2012	Apr. 2023		992,317			991,279		3.8	%
4.875% Senior Notes	Apr. 2014	Apr. 2022		841,645			840,322		4.9	%
3.400% Senior Notes	Feb./May 2016	Feb. 2021		849,836			849,698		3.4	%
4.450% Senior Notes	Feb. 2016	Feb. 2026		890,887			890,118		4.5	%
3.700% Senior Notes	May 2016	June 2026		742,521			741,908		3.7	%
2.250% Senior Notes	Sept. 2016	Sept. 2021		695,069			693,893		2.3	%
4.000% Senior Notes	Feb. 2017	March 2027		493,810		^(d)	—		4.0	%
4.750% Senior Notes	May 2017	May 2047		342,524		^(f)	—		4.8	%
3.200% Senior Notes	Aug. 2017	Sept. 2024		741,561		^(g)	—		3.2	%
3.650% Senior Notes	Aug. 2017	Sept. 2027		990,734		^(g)	—		3.7	%
Total bonds				9,219,584			6,644,317
Other:
Capital leases and other obligations	Various	Various		237,707			226,847		Various
Total debt and other obligations				15,204,415			12,171,142
Less: current maturities and short-term debt and other current obligations				114,198			101,749
Non-current portion of long-term debt and other long-term obligations				$	15,090,217		$	12,069,393


(a)	See the 2016 Form 10-K, including note 8, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness.


(b)	As of September 30, 2017, the undrawn availability under the 2016 Revolver was $3.5 billion. In November 2017, the Company used proceeds from its 2016 Revolver to partially fund the Lightower Acqusition. See notes 3 and 12.

(c)

If the respective series of such debt is not paid in full on or prior to an applicable date, 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 additional interest (of an additional approximately 5% per annum) will accrue on the respective series. See the 2016 Form 10-K for additional information regarding these provisions.


(d)	In February 2017, the Company issued $500 million aggregate principal amount of 4.000% senior unsecured notes with a maturity date of March 2027 ("4.0% Senior Notes"). The Company used the net proceeds from the 4.0% Senior Notes offering to repay a portion of the borrowings under the 2016 Revolver.

(e)

In February 2017, the Company entered into an amendment to the Credit Facility to (1) incur additional term loans in an aggregate principal amount of $500 million, and (2) extend the maturity of both the 2016 Term Loan A and the 2016 Revolver to January 2022. In August 2017, the Company entered into an amendment to the Credit Facility to (1) increase the commitments under the 2016 Revolver by $1.0 billion, to total commitments of $3.5 billion, and (2) extend the maturity of both the 2016 Term Loan A and the 2016 Revolver to August 2022.


(f)	In May 2017, the Company issued $350 million aggregate principal amount of 4.750% senior unsecured notes due May 2047 ("4.75% Senior Notes"). The Company used the net proceeds from the 4.75% Senior Notes offering to partially fund the Wilcon Acquisition and to repay a portion of the borrowings under the 2016 Revolver.

(g)

In August 2017, the Company issued $750 million aggregate principal amount of 3.200% senior unsecured notes due September 2024 ("3.2% Senior Notes") and $1.0 billion aggregate principal amount of 3.650% senior unsecured notes due September 2027 ("3.65% Senior Notes") (collectively, "August 2017 Senior Notes Offering"). The Company used the net proceeds of the August 2017 Senior Notes Offering to partially fund the Lightower Acquisition and pay related fees and expenses. See notes 3 and 12.

Contractual Maturities

The following are the scheduled contractual maturities of the total debt and other long-term obligations of the Company outstanding as of September 30, 2017. 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.



	Three Months Ending December 31,		Years Ending December 31,												Unamortized Adjustments, Net			Total Debt and Other Obligations Outstanding
	2017		2018		2019		2020		2021		Thereafter		Total Cash Obligations		Unamortized Adjustments, Net			Total Debt and Other Obligations Outstanding
Scheduled contractual maturities	$	29,588	$	113,667	$	166,726	$	154,989	$	1,824,666	$	13,022,295	$	15,311,931	$	(107,516	)	$	15,204,415

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 September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Interest expense on debt obligations	$	151,765		$	126,616		$	422,765		$	374,363
Amortization of deferred financing costs and adjustments on long-term debt	4,882			4,601			13,973			14,522
Other, net of capitalized interest	(2,501		)	(1,301		)	(6,336		)	(3,229		)
Total	$	154,146		$	129,916		$	430,402		$	385,656