Debt and Other Obligations

The table below sets forth the Company's debt and other obligations as of March 31, 2019.



	Original Issue Date	Contractual Maturity Date^(a)		Balance as of March 31, 2019			Balance as of December 31, 2018		Stated Interest Rate as of March 31, 2019^(a)		^(a)
Tower Revenue Notes, Series 2015-1	May 2015	May 2042	_(b)	$	298		298		3.2	%
Tower Revenue Notes, Series 2015-2	May 2015	May 2045	_(b)	694			693		3.7	%
Tower Revenue Notes, Series 2018-1	July 2018	July 2043	_(b)	247			247		3.7	%
Tower Revenue Notes, Series 2018-2	July 2018	July 2048	_(b)	742			742		4.2	%
3.849% Secured Notes	Dec. 2012	Apr. 2023		994			994		3.9	%
Secured Notes, Series 2009-1, Class A-1	July 2009	Aug. 2019		—			12		6.3	%
Secured Notes, Series 2009-1, Class A-2	July 2009	Aug. 2029		70			70		9.0	%
Finance leases and other obligations	Various	Various	_(c)	227			227		Various
Total secured debt				$	3,272		$	3,283
2016 Revolver	Jan. 2016	June 2023		$	645	_(d)	$	1,075	3.8	%	_(e)
2016 Term Loan A	Jan. 2016	June 2023		2,339			2,354		3.8	%	_(e)
5.250% Senior Notes	Oct. 2012	Jan. 2023		1,642			1,641		5.3	%
4.875% Senior Notes	Apr. 2014	Apr. 2022		844			844		4.9	%
3.400% Senior Notes	Feb./May 2016	Feb. 2021		850			850		3.4	%
4.450% Senior Notes	Feb. 2016	Feb. 2026		892			892		4.5	%
3.700% Senior Notes	May 2016	June 2026		744			744		3.7	%
2.250% Senior Notes	Sept. 2016	Sept. 2021		697			697		2.3	%
4.000% Senior Notes	Feb. 2017	Mar. 2027		495			494		4.0	%
4.750% Senior Notes	May 2017	May 2047		343			343		4.8	%
3.200% Senior Notes	Aug. 2017	Sept. 2024		743			743		3.2	%
3.650% Senior Notes	Aug. 2017	Sept. 2027		992			992		3.7	%
3.150% Senior Notes	Jan. 2018	July 2023		743			742		3.2	%
3.800% Senior Notes	Jan. 2018	Feb. 2028		989			988		3.8	%
4.300% Senior Notes	Feb. 2019	Feb. 2029	_(f)	591			—		4.3	%
5.200% Senior Notes	Feb. 2019	Feb. 2049	_(f)	395			—		5.2	%
Total unsecured debt				$	13,944		$	13,399
Total debt and other obligations				17,216			16,682
Less: current maturities and short-term debt and other current obligations				96			107
Non-current portion of long-term debt and other long-term obligations				$	17,120		$	16,575


(a)	See the 2018 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)

If the respective series of Tower Revenue Notes are not paid in full on or prior to an applicable anticipated repayment 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 class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of March 31, 2019, the Tower Revenue Notes have principal amounts of $300 million, $250 million, $700 million and $750 million, with anticipated repayment dates in 2022, 2023, 2025 and 2028, respectively.


(c)	The Company's finance leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 30 years.


(d)	As of March 31, 2019, the undrawn availability under the 2016 Revolver was $3.6 billion.

(e)

The 2016 Revolver and senior unsecured term loan A facility ("2016 Term Loan A") bear interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.000% to 1.750%, based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.125% to 0.350%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver.


(f)	In February 2019, the Company issued $1.0 billion aggregate principal amount of senior unsecured notes ("February 2019 Senior Notes"), which consisted of (1) $600 million aggregate amount of 4.300% senior unsecured notes due February 2029 and (2) $400 million aggregate principle amount of 5.200% senior unsecured notes due February 2049.

See note 13 for a discussion of our CP Program (as defined in note 13) established in April 2019.

Contractual Maturities

The following are the scheduled contractual maturities of the total debt and other long-term obligations of the Company outstanding as of March 31, 2019. 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.



	Nine Months Ending December 31,		Years Ending December 31,												Unamortized Adjustments, Net			Total Debt and Other Obligations Outstanding
	2019		2020		2021		2022		2023		Thereafter		Total Cash Obligations		Unamortized Adjustments, Net			Total Debt and Other Obligations Outstanding
Scheduled contractual maturities	$	75	$	142	$	1,702	$	1,087	$	5,934	$	8,393	$	17,333	$	(117	)	$	17,216

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,
	2019			2018
Interest expense on debt obligations	$	167		$	158
Amortization of deferred financing costs and adjustments on long-term debt	5			5
Other, net of capitalized interest	(4		)	(3		)
Total	$	168		$	160