Frontier Communications 2005 Annual Report Download - page 68

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F-19
CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(11) LONG-TERM DEBT:
The activity in our long-term debt from December 31, 2004 to December 31, 2005 is summarized as follows:
December 31,
2004
Twelve Months Ended
December 31,
2005($ in thousands) Payments
Interest
Rate Swap Other
Interest
Rate* at
December 31,
2005
Rural Utilities Service Loan
Contracts . . . . . . . . . . . . $ 29,108 $ (6,299) $ — $ — $ 22,809 6.070%
Senior Unsecured Debt . . . . 4,131,803 — (13,193) 2,171 4,120,781 8.117%
EPPICS** (reclassified as a
result of adopting
FIN 46R) . . . . . . . . . . . . 63,765 — — (29,980) 33,785 5.000%
ELI Capital Leases . . . . . . . 4,421 (134) — — 4,287 10.364%
Industrial Development
Revenue Bonds . . . . . . . 58,140 — — — 58,140 5.559%
TOTAL LONG TERM
DEBT . . . . . . . . . . . . . . $ 4,287,237 $ (6,433) $ (13,193) $ (27,809) $ 4,239,802
Less: Debt Discount . . . . . (13,859) (12,692)
Less: Current Portion . . . . (6,380 ) (227,734)
$ 4,266,998 $ 3,999,376
* Interest rate includes amortization of debt issuance expenses, debt premiums or discounts. The interest rate for
Rural Utilities Service Loan Contracts, Senior Unsecured Debt, and Industrial Development Revenue Bonds
represent a weighted average of multiple issuances.
** In accordance with FIN 46R, the Trust holding the EPPICS and the related Citizens Utilities Capital L.P. are
now deconsolidated (see Note 15).
Additional information regarding our Senior Unsecured Debt at December 31, 2005 is as follows:
($ in thousands)
Principal
Outstanding
Interest
Rate
Senior Notes:
Due 8/17/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 51,770 6.750%
Due 8/15/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 698,470 7.625%
Due 5/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,044,256 9.250%
Due 10/24/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 6.270%
Due 1/15/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 698,537 6.250%
Due 8/15/2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 748,006 9.000 %
3,441,039
Debentures due 2006 - 2046 . . . . . . . . . . . . . . . . . . . . . 643,742 7.263 %
Subsidiary Senior
Notes due 12/1/2012 . . . . . . . . . . . . . . . . . . . . . . . . 36,000 8.050 %
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,120,781
In February 2006, our Board of Directors authorized us to repurchase up to $150.0 million of our outstanding
debt securities over the following twelve-month period. These repurchases may require us to pay premiums, which
would result in pre-tax losses to be recorded in other income (loss), net.