DIRECTV 2012 Annual Report Download - page 98

DIRECTV
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)
Senior Notes fair values based on quoted market prices of our senior notes, which is a Level 1
input under the accounting guidance for fair value measurements of assets and
The following table sets forth our outstanding senior notes balance as of liabilities.
December 31:
All of our senior notes were issued by DIRECTV Holdings LLC and
Carrying value, net of DIRECTV Financing Co., Inc., or the Co-Issuers, and have been registered under
unamortized original
Principal issue discounts or the Securities Act of 1933, as amended.
amount including premiums
Our senior notes payable mature as follows: $1,000 million in 2014,
2012 2012 2011
$1,200 million in 2015, $2,250 million in 2016, $1,250 million in 2017 and
(Dollars in Millions)
$11,519 million thereafter. The amount of interest accrued related to our
4.750% senior notes due in 2014 ........... $ 1,000 $ 999 $ 999
outstanding debt was $246 million at December 31, 2012 and $201 million at
3.550% senior notes due in 2015 ........... 1,200 1,200 1,199
December 31, 2011.
3.125% senior notes due in 2016 ........... 750 750 750
3.500% senior notes due in 2016 ........... 1,500 1,498 1,498
Collar Loan
7.625% senior notes due in 2016 ........... — — 1,500
2.400% senior notes due in 2017 ........... 1,250 1,249 — On November 19, 2009, The DIRECTV Group, Inc., now a wholly owned
5.875% senior notes due in 2019 ........... 1,000 995 994 subsidiary of DIRECTV, and Liberty Media Corporation completed a series of
5.200% senior notes due in 2020 ........... 1,300 1,298 1,298 transactions, which we refer to collectively as the Liberty Transaction. As part of the
4.600% senior notes due in 2021 ........... 1,000 999 999 Liberty Transaction, we assumed a credit facility and related equity collars, which
5.000% senior notes due in 2021 ........... 1,500 1,495 1,494 we refer to as the Collar Loan. During the first quarter of 2010, we paid
3.800% senior notes due in 2022 ........... 1,500 1,499 — $1,537 million to repay the remaining principal balance and accrued interest on the
4.375% senior notes due in 2029 (1) ......... 1,219 1,206 — credit facility, and to settle the equity collars. As a result, we recorded a gain of
6.350% senior notes due in 2040 ........... 500 500 499 $67 million in ‘‘Liberty transaction and related gain’’ in the Consolidated
6.000% senior notes due in 2040 ........... 1,250 1,234 1,234 Statements of Operations in the first quarter of 2010 related to the Collar Loan.
6.375% senior notes due in 2041 ........... 1,000 1,000 1,000
5.150% senior notes due in 2042 ........... 1,250 1,248 — Commercial Paper
Total senior notes .................... $17,219 $17,170 $13,464 On November 27, 2012, DIRECTV U.S. established a commercial paper
program backed by its revolving credit facilities, which provides for the issuance of
(1) The amounts for the 4.375% senior notes due in 2029 reflect the short-term commercial paper in the United States up to a maximum aggregate
remeasurement of £750 million aggregate principal and £742 million carrying principal of $2.5 billion. As of December 31, 2012, we had $358 million of
value to U.S. dollars based on the exchange rate of £1.00/$1.63 at short-term commercial paper outstanding, with a weighted average maturity of 90
December 31, 2012. days, at a weighted average yield of 0.54%, which may be refinanced on a periodic
basis as borrowings mature. Aggregate amounts outstanding under the revolving
The fair value of our senior notes was approximately $18,598 million at credit facilities and commercial paper program are limited to $2.5 billion.
December 31, 2012 and $14,512 million at December 31, 2011. We calculated the
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