Long-Term Debt

6 Months Ended

Jun. 30, 2011

5. Long-Term Debt

The following table presents the fair market value of our long-term debt at June 30, 2011 based on quoted market prices on that date, as well as the carrying value of our long-term debt at June 30, 2011, which includes $76.2 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
	June 30, 2011		June 30, 2011

RHDI Amended and Restated Credit Facility	$	658,267	$	968,040
Dex Media East Amended and Restated Credit Facility		512,658		698,854
Dex Media West Amended and Restated Credit Facility		523,428		630,097
Dex One 12%/14% Senior Subordinated Notes due 2017		126,000		300,000

Total Dex One consolidated		1,820,353		2,596,991
Less current portion		224,046		298,907

Long-term debt	$	1,596,307	$	2,298,084

RHDI Amended and Restated Credit Facility

As of June 30, 2011, the outstanding carrying value under the amended and restated RHDI credit facility (“RHDI Amended and Restated Credit Facility”) totaled $968.0 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 June 30, 2011.

Dex Media East Amended and Restated Credit Facility

As of June 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 $698.9 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 June 30, 2011.

Dex Media West Amended and Restated Credit Facility

As of June 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 $630.1 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 June 30, 2011.

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 $76.2 million remains unamortized at June 30, 2011, as shown in the following table.


					Outstanding Debt at
			Unamortized Fair		June 30, 2011 Excluding the
	Carrying Value at		Value Adjustments		Impact of Unamortized Fair
	June 30, 2011		at June 30, 2011		Value Adjustments

RHDI Amended and Restated Credit Facility	$	968,040	$	12,463	$	980,503
Dex Media East Amended and Restated Credit Facility		698,854		54,121		752,975
Dex Media West Amended and Restated Credit Facility		630,097		9,612		639,709
Dex One 12%/14% Senior Subordinated Notes due 2017		300,000		—		300,000

Total	$	2,596,991	$	76,196	$	2,673,187