Metro PCS 2007 Annual Report Download - page 119

MetroPCS Communications, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2007, 2006 and 2005
F-20
7. Accounts Payable and Accrued Expenses:
Accounts payable and accrued expenses consisted of the following (in thousands):
2007 2006
Accounts payable ....................................................................................................................... $ 131,177 $ 90,084
Book overdraft............................................................................................................................ 25,399 21,288
Accrued accounts payable .......................................................................................................... 155,733 111,974
Accrued liabilities....................................................................................................................... 16,285 9,405
Payroll and employee benefits.................................................................................................... 29,380 20,645
Accrued interest.......................................................................................................................... 33,892 24,529
Taxes, other than income............................................................................................................ 41,044 42,882
Income taxes............................................................................................................................... 6,539 4,874
Accounts payable and accrued expenses .................................................................................... $ 439,449 $ 325,681
8. Long-Term Debt:
Long-term debt consisted of the following (in thousands):
2007 2006
9¼% Senior Notes.................................................................................................................. $ 1,400,000 $ 1,000,000
Senior Secured Credit Facility................................................................................................ 1,580,000 1,596,000
Total ...................................................................................................................................... 2,980,000 2,596,000
Add: unamortized premium on debt ....................................................................................... 22,177 —
Total debt............................................................................................................................... 3,002,177 2,596,000
Less: current maturities .......................................................................................................... (16,000) (16,000)
Total long-term debt.............................................................................................................. $ 2,986,177 $ 2,580,000
Maturities of the principal amount of long-term debt at face value are as follows (in thousands):
For the Year Ending December 31,
2008................................................................................................................................................................ $ 16,000
2009................................................................................................................................................................ 16,000
2010................................................................................................................................................................ 16,000
2011................................................................................................................................................................ 16,000
2012................................................................................................................................................................ 16,000
Thereafter ....................................................................................................................................................... 2,900,000
Total ............................................................................................................................................................... $ 2,980,000
Bridge Credit Agreement
In February 2005, Wireless entered into a secured bridge credit facility, dated as of February 22, 2005 (as
amended, the “Bridge Credit Agreement”). The aggregate credit commitments available and funded under the
Bridge Credit Agreement totaled $540.0 million. In May 2005, Wireless repaid the aggregate outstanding principal
balance under the Bridge Credit Agreement of $540.0 million and accrued interest of $8.7 million. As a result,
Wireless recorded a loss on extinguishment of debt in the amount of $10.4 million.
FCC Debt
On March 2, 2005, in connection with the sale of 10 MHz of spectrum in the San Francisco-Oakland-San Jose,
California basic trading area, the Company repaid the outstanding principal balance of $12.2 million in debt payable
to the FCC. This debt was incurred in connection with the original acquisition of the 30 MHz of spectrum for the
San Francisco-Oakland-San Jose basic trading area. The repayment resulted in a loss on extinguishment of debt of
$0.9 million.
On May 31, 2005, the Company repaid the remaining outstanding principal balance of $15.7 million in debt
payable to the FCC. This debt was incurred in connection with the acquisition by the Company of its original PCS