Cincinnati Bell 2011 Annual Report Download - page 202

The following table presents estimated amortization expense for 2012 through 2016:
(dollars in millions)
2012 ............................................... $19.6
2013 ............................................... 19.6
2014 ............................................... 19.2
2015 ............................................... 16.3
2016 ............................................... 12.5
7. Debt and Other Financing Arrangements
The Company’s debt consists of the following:
December 31,
(dollars in millions) 2011 2010
Current portion of long-term debt:
Capital lease obligations and other debt ....................................... $ 13.0 $ 16.5
Current portion of long-term debt .......................................... 13.0 16.5
Long-term debt, less current portion:
7% Senior Notes due 2015* ................................................ 250.4 251.4
8 1/4% Senior Notes due 2017 .............................................. 500.0 500.0
8 3/4% Senior Subordinated Notes due 2018 ................................... 625.0 625.0
8 3/8% Senior Notes due 2020 .............................................. 775.0 775.0
7 1/4% Senior Notes due 2023 .............................................. 40.0 40.0
Various Cincinnati Bell Telephone notes ...................................... 207.5 207.5
Capital lease obligations and other debt ....................................... 131.4 118.5
2,529.3 2,517.4
Net unamortized discount .................................................... (8.7) (10.3)
Long-term debt, less current portion ........................................ 2,520.6 2,507.1
Total debt ................................................................. $2,533.6 $2,523.6
* The face amount of these notes has been adjusted for the unamortized called amounts received on
terminated interest rate swaps.
Corporate Credit Facilities
On June 11, 2010, the Company entered into a new Corporate credit facility agreement, which included a
new revolving credit facility, replacing the existing revolving credit facility that would have expired in August
2012, and a $760 million secured term loan credit facility (“Tranche B Term Loan”). The new Corporate
revolving credit facility, as amended, provides a $210.0 million revolving line of credit and expires in June 2014.
In 2010, the Company used the net proceeds from the Tranche B Term Loan of $737 million to fund the
acquisition of CyrusOne, to repay the Company’s previous term loan facility totaling $204.3 million, and to pay
related fees and expenses. In the fourth quarter of 2010, the Company extinguished the entire $760 million
Tranche B Term Loan. We incurred a loss on extinguishment of debt of $36.1 million consisting of the write-off
of unamortized discount and debt issuance costs.
The Corporate revolving credit facility is funded by 11 different financial institutions, with no financial
institution having more than 15% of the total facility. Borrowings under the Corporate revolving credit facility
bear interest, at the Company’s election, at a rate per annum equal to (i) LIBOR plus the applicable margin or
(ii) the base rate plus the applicable margin. The applicable margin is based on certain Company financial ratios
and ranges between 4.25% and 5.00% for LIBOR rate advances, and 3.25% and 4.00% for base rate advances.
84
Form 10-K Part II Cincinnati Bell Inc.