Frontier Communications 2007 Annual Report Download - page 73

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CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(11) LONG-TERM DEBT:
The activity in our long-term debt from December 31, 2006 to December 31, 2007 is summarized as
follows:
($ in thousands) December 31,
2006
Year Ended December 31, 2007
December 31,
2007
Interest
Rate* at
December 31,
2007Payments New
Borrowings
Assumed from
Commonwealth
Acquisition
Interest
Rate
Swap
Conversion to
Common
Stock
Rural Utilities Service
Loan Contracts $ 21,886 $ (4,331) $ — $ — $ — $ — $ 17,555 6.07%
Senior Unsecured
Debt ............ 4,435,018 (897,149) 950,000 226,779 18,198 (17,833) 4,715,013 7.96%
EPPICS (see Note
15) ............. 17,860 — — — — (3,339) 14,521 5.00%
Industrial
Development
Revenue Bonds 58,140 (44,590) — — — — 13,550 6.31%
TOTAL LONG-
TERM DEBT .... $4,532,904 $(946,070) $950,000 $226,779 $18,198 $(21,172) $4,760,639 7.94%
Less: Debt
Discount ......... (26,547) (21,294)
Less: Current
Portion .......... (39,271) (2,448)
$4,467,086 $4,736,897
* Interest rate includes amortization of debt issuance costs, debt premiums or discounts. The interest rate for Rural Utilities Service Loan
Contracts, Senior Unsecured Debt, and Industrial Development Revenue Bonds represent a weighted average of multiple issuances.
Additional information regarding our Senior Unsecured Debt at December 31:
($ in thousands)
2007 2006
Principal
Outstanding Interest
Rate Principal
Outstanding Interest
Rate
Senior Notes:
Due 8/15/2008 .......... $ — — $ 495,240 7.625%
Due 5/15/2011 .......... 1,050,000 9.250% 1,050,000 9.250%
Due 10/24/2011 ......... 200,000 6.270% 200,000 6.270%
Due 12/31/2012 ......... 148,500 6.44%(Variable) 150,000 6.75%(Variable)
Due 1/15/2013 .......... 700,000 6.250% 700,000 6.250%
Due 3/15/2015 .......... 300,000 6.625% — —
Due 3/15/2019 .......... 450,000 7.125% — —
Due 1/15/2027 .......... 400,000 7.875% 400,000 7.875%
Due 8/15/2031 .......... 945,325 9.000% 945,325 9.000%
4,193,825 3,940,565
Debentures due 2025 - 2046 . . . 468,742 7.136% 468,742 7.136%
Subsidiary Senior
Notes due 12/1/2012 ..... 36,000 8.050% 36,000 8.050%
CTE Convertible Notes due
7/23/2023 ............ 8,537 3.250% — —
Fair value of interest rate
swaps ............... 7,909 (10,289)
Total .............. $4,715,013 $4,435,018
F-23