Time Warner Cable 2006 Annual Report Download - page 133
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9. DEBT AND MANDATORILY REDEEMABLE PREFERRED EQUITY
The Company’s outstanding debt and mandatorily redeemable preferred equity, as of December 31, 2006 and
2005, includes the following components:
Face
Amount
Interest rate at
December 31,
2006
Year of
Maturity
December 31,
2006
December 31,
2005
Outstanding Borrowings as of
(in millions) (in millions)
Debt due within one year:
Capital leases and other . . . . . . . $ 4 $ —
Long-term debt:
Bank credit agreements and
commercial paper
program
(a)(b)
............. 5.680%
(c)
2009-2011 11,077 1,101
TWE notes and debentures:
Senior debentures ......... $ 600 7.250%
(d)
2008 602 604
Senior notes ............. 250 10.150%
(d)
2012 271 275
Senior notes ............. 350 8.875%
(d)
2012 369 372
Senior debentures ......... 1,000 8.375%
(d)
2023 1,043 1,046
Senior debentures ......... 1,000 8.375%
(d)
2033 1,055 1,057
Total TWE notes and
debentures
(e)
......... $3,200 3,340 3,354
Capital leases and other . . . . . . . 11 8
Total long-term debt ...... 14,428 4,463
Preferred equity:
TW NY Series A Preferred
Membership Units ......... $ 300 8.210% 2013 300 —
Mandatorily redeemable
preferred equity issued by a
subsidiary ............... — 2,400
Total debt and preferred
equity .................. $14,732 $6,863
(a)
Unused capacity, which includes $51 million and $12 million in cash and equivalents at December 31, 2006 and 2005, respectively,
equals $2.798 billion and $2.752 billion at December 31, 2006 and 2005, respectively. Unused capacity at December 31, 2006 reflects a
reduction for $159 million of outstanding letters of credit backed by the Cable Revolving Facility.
(b)
Amount of outstanding borrowings excludes unamortized discount on commercial paper of $17 million and $4 million at December 31,
2006 and 2005, respectively.
(c)
Rate represents a weighted-average interest rate.
(d)
Rate represents the stated rate at original issuance. The effective weighted-average interest rate for the TWE notes and debentures in the
aggregate is 7.61% at December 31, 2006.
(e)
Includes an unamortized fair value adjustment of $140 million and $154 million as of December 31, 2006 and 2005, respectively.
Bank Credit Agreements and Commercial Paper Programs
In the first quarter of 2006, the Company entered into $14.0 billion of bank credit agreements, which consist of
an amended and restated $6.0 billion five-year revolving credit facility (including $2.0 billion of increased
commitments), a new $4.0 billion five-year term loan facility and a new $4.0 billion three-year term loan facility.
128
TIME WARNER CABLE INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)