Long-term Debt

3 Months Ended

May 31, 2012

Long-term Debt/Liquidity [Abstract]

Long-term Debt

Note 4. Long-term Debt

Long-term debt was comprised of the following at February 29, 2012 and May 31, 2012:

	As of February 29,			As of May 31,
	2012			2012
Credit Agreement debt
Revolver	$	6,000		$	—
Term Loan B		87,877			61,662
Extended Term Loan B		109,966			77,162
Total Credit Agreement debt		203,843			138,824
Senior unsecured notes		33,860			35,803
98.7FM nonrecourse debt		—			82,198
Less current maturities:
Credit Agreement debt		(7,978	)		(1,388	)
98.7FM nonrecourse debt		—			(4,113	)
Total long-term debt	$	229,725		$	251,324

Credit Agreement Debt

At May 31, 2012, we had $138.8 million of outstanding term loans. Revolver availability at May 31, 2012 was $9.5 million, which is net of $0.5 million of outstanding letters of credit. During the three months ended May 31, 2012, the Company repaid $58.7 million of outstanding term loans and all amounts borrowed under the revolver from the proceeds received from the issuance of the 98.7FM debt as discussed in Note 8. Our revolver matures on November 2, 2012.

The Credit Agreement was amended twice during the three months ended May 31, 2012. See Note 9 for more discussion of the amendments.

Senior Unsecured Notes

Interest on the senior unsecured notes is paid in kind and compounds quarterly at a rate of 22.95% per annum, except that during the continuance of any event of default the rate will be 24.95% per annum payable on demand in cash. During the three months ended May 31, 2012, the Company recorded $1.9 million of interest expense related to the senior unsecured notes. The Notes mature on February 1, 2015, at which time the principal balance and all accreted interest is due entirely in cash.

The senior unsecured notes were amended twice during the three months ended May 31, 2012. See Note 9 for more discussion of the amendments.

98.7FM Nonrecourse Debt

On May 30, 2012, the Company, through wholly-owned, newly-created subsidiaries, issued $82.2 million of nonrecourse notes. Teachers Insurance and Annuity Association of America (“TIAA”), through a participation agreement with Wells Fargo Bank Northwest, National Association (“Wells Fargo”), is entitled to receive payments made on the notes. The notes are obligations only of the newly-created subsidiaries, are non-recourse to the rest of the Company’s subsidiaries and are secured by the assets of the newly-created subsidiaries, including the payments made to the newly-created subsidiary related to the 98.7FM LMA, which are guaranteed by Disney Enterprises, Inc. The notes bear interest at 4.1%. See Note 8 for more discussion of the 98.7FM nonrecourse debt and LMA.

Mandatory principal payments related to the 98.7FM nonrecourse debt for the next five years and thereafter are summarized below:

Year Ended	98.7FM Nonrecourse
February 28 (29),	Debt Principal Repayments
2013	$	3,130
2014		4,126
2015		4,541
2016		4,990
2017		5,453
Thereafter		59,958
Total	$	82,198