FairPoint Communications 2003 Annual Report Download - page 43

Less current portion (5,704)(21,982)
Total long-term debt, net of current portion $798,486 803,578
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The approximate aggregate maturities of long-term debt for each of the five years subsequent to December 31, 2003 are as follows
(dollars in thousands):
Fiscal year:
2004 $21,982
2005 32,119
2006 37,591
2007 119,619
2008 192,700
Thereafter 421,549
$825,560
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On March 30, 1998, the Company closed a $315 million senior secured credit facility (the Credit Facility) which committed $75 million
of term debt (tranche C) amortized over nine years, $155 million of term debt (tranche B) amortized over eight years, and $85 million of
reducing revolving credit facility debt (revolving facility) with a term of 6.5 years. On March 14, 2000, an additional $165 million of reducing
revolving credit facility debt (acquisition facility) with a term of 4.5 years was committed and made available to the Company under the Credit
Facility. The Credit Facility requires that the Company maintain certain financial covenants.
The Credit Facility was amended and restated as part of a refinancing completed on March 6, 2003. Our amended and restated credit
facility provides for, among other things, rescheduled amortization and an excess cash flow sweep with respect to the tranche C term facility.
Our amended and restated credit facility consists of term loan facilities (consisting of tranche A loans and tranche C loans) in an aggregate
principal amount of $156.4 million and a revolving credit facility in an aggregate principal amount of $70.0 million. All of our obligations under
our amended and restated credit facility are unconditionally and irrevocably guaranteed jointly and severally by four of our mid-tier
subsidiaries. Outstanding debt under our amended and restated credit facility is secured by a first priority perfected security interest in all of
the capital stock of certain of our subsidiaries.
Our amended and restated credit facility is comprised of the following facilities:
 A revolving loan facility of $70 million. As of December 31, 2003, $14.7 million was outstanding under the
revolving loan facility. These loans mature on March 31, 2007 and bear interest per annum at either a base rate plus 3.00% or LIBOR
plus 4.00%.
 A tranche A term loan facility of $30 million. As of December 31, 2003, $30.0 million of tranche A term
loans were outstanding. These loans mature on March 31, 2007 and bear interest per annum at either a base rate plus 3.00% or
LIBOR plus 4.00%.
As of December 31, 2003, approximately $126.4 million of tranche C term loans remained
outstanding. These loans mature on March 31, 2007. Mandatory repayments under the tranche C term loan facility are scheduled to
be $20.0 million, $20.0 million, $30.0 million and a final $56.4 million in years 2004, 2005, 2006, and on March 31, 2007,
respectively. Tranche C term loans bear interest per annum at either a base rate plus 3.50% or LIBOR plus 4.50%.
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Our amended and restated credit facility contains certain customary covenants and other credit requirements of the Company and its
subsidiaries and certain customary events of default. Our amended and restated credit facility limits our ability to make investments in
Carrier Services and its subsidiaries.
Net cash proceeds from asset sales are required to be applied as mandatory prepayments of principal on outstanding loans unless such
proceeds are used by us to finance acquisitions permitted under our amended and restated credit facility within 180 days (270 days with
respect to a Special Asset Sale, as defined in the credit facility) of our receipt of such proceeds. Change of control transactions trigger a
mandatory prepayment obligation. Voluntary prepayments of loans, including interim prepayments of revolving loans with proceeds of asset
sales that are not used to prepay term loans in anticipation of being subsequently applied to fund a permitted acquisition or acquisitions
within 180 days (270 days in the event described above) of the asset sale, may be made at any time without premium or penalty, provided