Long-Term Debt

The following table presents the fair market value of our long-term debt at September 30, 2011 based on quoted market prices on that date, as well as the carrying value of our long-term debt at September 30, 2011, which includes $69.3 million of unamortized fair value adjustments required by GAAP in connection with the Company’s adoption of fresh start accounting on the Fresh Start Reporting Date.



	Fair Market Value		Carrying Value
	September 30, 2011		September 30, 2011
RHDI Amended and Restated Credit Facility	$	427,897	$	955,425
Dex Media East Amended and Restated Credit Facility	375,968		677,420
Dex Media West Amended and Restated Credit Facility	411,952		618,891
Dex One Senior Subordinated Notes	57,000		300,000
Total Dex One consolidated	1,272,817		2,551,736
Less current portion	189,799		337,992
Long-term debt	$	1,083,018	$	2,213,744

Credit Facilities

RHDI Amended and Restated Credit Facility

As of September 30, 2011, the outstanding carrying value under the amended and restated RHDI credit facility (“RHDI Amended and Restated Credit Facility”) totaled $955.4 million. The RHDI Amended and Restated Credit Facility requires quarterly principal and interest payments and matures on October 24, 2014. The weighted average interest rate of outstanding debt under the RHDI Amended and Restated Credit Facility was 9.0% at September 30, 2011.

Dex Media East Amended and Restated Credit Facility

As of September 30, 2011, the outstanding carrying value under the amended and restated Dex Media East credit facility (“Dex Media East Amended and Restated Credit Facility”) totaled $677.4 million. The Dex Media East Amended and Restated Credit Facility requires quarterly principal and interest payments and matures on October 24, 2014. The weighted average interest rate of outstanding debt under the Dex Media East Amended and Restated Credit Facility was 2.8% at September 30, 2011.

Dex Media West Amended and Restated Credit Facility

As of September 30, 2011, the outstanding carrying value under the amended and restated Dex Media West credit facility (“Dex Media West Amended and Restated Credit Facility”) totaled $618.9 million. The Dex Media West Amended and Restated Credit Facility requires quarterly principal and interest payments and matures on October 24, 2014. The weighted average interest rate of outstanding debt under the Dex Media West Amended and Restated Credit Facility was 7.0% at September 30, 2011.

Notes

Dex One Senior Subordinated Notes

Interest on our $300.0 million aggregate principal amount of 12%/14% Senior Subordinated Notes due 2017 (“Dex One Senior Subordinated Notes”) is payable semi-annually on March 31^st and September 30^th of each year, commencing on March 31, 2010 through January 29, 2017. The Dex One Senior Subordinated Notes accrue interest at an annual rate of 12% for cash interest payments and 14% if the Company elects paid-in-kind (“PIK”) interest payments. The Company may elect, prior to the start of each interest payment period, whether to make each interest payment on the Dex One Senior Subordinated Notes (i) entirely in cash or (ii) 50% in cash and 50% in PIK interest, which is capitalized as additional senior subordinated notes. During the nine months ended September 30, 2011, the Company made interest payments entirely in cash. In September 2011, the Company elected to pay interest amounts on the Dex One Senior Subordinated Notes 50% in cash and 50% in PIK interest in lieu of making interest payments entirely in cash, commencing for the semi-annual interest period ending March 31, 2012, as permitted by the indenture governing the Dex One Senior Subordinated Notes.

Impact of Fresh Start Accounting

In conjunction with our adoption of fresh start accounting, an adjustment was established to record our outstanding debt at fair value on the Fresh Start Reporting Date. The Company was required to record our amended and restated credit facilities at a discount as a result of their fair value on the Fresh Start Reporting Date. Therefore, the carrying amount of these debt obligations is lower than the principal amount due at maturity. A total discount of $120.2 million was recorded upon adoption of fresh start accounting associated with our amended and restated credit facilities, of which $69.3 million remains unamortized at September 30, 2011, as shown in the following table.



	Carrying Value at September 30, 2011		Unamortized Fair Value Adjustments at September 30, 2011		Outstanding Debt at September 30, 2011 Excluding the Impact of Unamortized Fair Value Adjustments
RHDI Amended and Restated Credit Facility	$	955,425	$	11,510	$	966,935
Dex Media East Amended and Restated Credit Facility	677,420		48,933		726,353
Dex Media West Amended and Restated Credit Facility	618,891		8,822		627,713
Dex One Senior Subordinated Notes	300,000		—		300,000
Total	$	2,551,736	$	69,265	$	2,621,001