Metro PCS 2011 Annual Report Download - page 122
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MetroPCS Communications, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2011, 2010 and 2009
F-16
7. Accounts Payable and Accrued Expenses:
Accounts payable and accrued expenses consisted of the following (in thousands):
2011 2010
Accounts payable $ 211,890 $ 174,770
Book overdraft 5,171 1,726
Accrued accounts payable 108,385 162,378
Accrued liabilities 39,585 30,819
Payroll and employee benefits 40,356 43,132
Accrued interest 41,253 34,541
Taxes, other than income 57,795 65,503
Income taxes 7,911 8,919
Accounts payable and accrued expenses $ 512,346 $ 521,788
8. Long-term Debt:
Long-term debt consisted of the following (in thousands):
2011 2010
Senior Secured Credit Facility $ 2,471,916 $ 1,532,000
7 7/8% Senior Notes 1,000,000 1,000,000
6 5/8% Senior Notes 1,000,000 1,000,000
Capital Lease Obligations 281,167 254,336
Total long-term debt 4,753,083 3,786,336
Add: unamortized discount on debt (8,602)(7,053)
Total debt 4,744,481 3,779,283
Less: current maturities (33,460)(21,996)
Total long-term debt $ 4,711,021 $ 3,757,287
Maturities of the principal amount of long-term debt, excluding capital lease obligations, at face value are as follows (in
thousands):
For the Year Ending December 31,
2012 $ 25,390
2013 25,390
2014 25,390
2015 25,390
2016 957,856
Thereafter 3,412,500
Total $ 4,471,916
9¼% Senior Notes due 2014
In November 2006, Wireless completed the sale of $1.0 billion of principal amount of 9¼% Senior Notes due 2014, (the
“Initial Notes”). On June 6, 2007, Wireless completed the sale of an additional $400.0 million of 91/4% Senior Notes due 2014
(the “Additional Notes”) under the existing indenture governing the Initial Notes at a price equal to 105.875% of the principal
amount of such Additional Notes. On January 20, 2009, Wireless completed the sale of an additional $550.0 million of 9¼%
Senior Notes due 2014 (the “New 9¼% Senior Notes” and, together with the Initial Notes and Additional Notes, the “9¼%
Senior Notes”) under a new indenture substantially similar to the indenture governing the Initial Notes at a price equal to
89.50% of the principal amount of such New 9¼% Senior Notes.