FairPoint Communications 2004 Annual Report Download - page 93

Through February 8, 2005, the Company effected the following changes in its capital stock accounts (amounts in
thousands):
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Balance at
December 31, 2004 9,452 $ 94 — $— 198,519 —
Conversion of Class A and Class C to a
single class of common stock (9,452) (94)9,452 94 — —
Issuance of common stock, net of
issuance costs — — 25,000 250 434,500 —
Issuance of restricted stock — — 474 5 8,759 (8,764)
Balance at February 8, 2005 — $— 34,926 $ 349 641,778 (8,764)
The Company granted 473,716 shares of restricted common stock to certain employees concurrently with the Offering,
which will begin to vest on April 1, 2006.
(b) New Senior Secured Credit Facility
The Company entered into a new senior secured credit facility (the new credit facility) consisting of a revolving facility in an
aggregate principal amount of up to $100.0 million and a term facility in an aggregate principal amount of $588.5 million. At the
closing of the Offering (February 8, 2005), the Company drew $566.0 million against the term facility, including $24.4 million
of proceeds which were used on March 10, 2005, to redeem the $0.2 million aggregate principal amount of the 9 1/2% notes
(including accrued interest and redemption premiums) that were not tendered in the tender offer for such notes and the
$24.2 million aggregate principal amount of the floating rate notes (including accrued interest) that were not tendered in the
tender offer for such notes. Debt issuance cost of $8.2 million were paid at closing for fees associated with the new credit
facility.
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