FairPoint Communications 2006 Annual Report Download - page 52
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In 1998, the Company issued $125.0 million aggregate principal amount of the 9 2% notes and $75.0 million aggregate principal amount of floating
rate notes. Both series of notes were to mature on May 1, 2008. On February 9, 2005, we repurchased $115.0 million principal amount of 9 2% notes and
$50.8 million principal amount of the floating rate notes tendered pursuant to the tender offers for such notes. We redeemed the remaining outstanding 9 2%
notes and floating rate notes on March 10, 2005.
In 2000, the Company issued $200.0 million aggregate principal amount of 12 2% notes. These notes were to mature on May 10, 2010. On February 9,
2005, we repurchased $173.1 million principal amount of the 12 2% notes tendered pursuant to the tender offer for such notes. We redeemed the remaining
outstanding 12 2% notes on May 2, 2005.
In 2003, the Company issued $225.0 million aggregate principal amount of 11 8% notes. On February 9, 2005, we repurchased $223.0 million
principal amount of the 11 8% notes tendered pursuant to the tender offer for such notes. At December 31, 2005, $2.1 million principal amount of the 11 8%
notes remained outstanding.
We do not have any off-balance sheet arrangements.
The tables set forth below contain information with regard to disclosures about contractual obligations and commercial commitments.
The following table discloses aggregate information about our contractual obligations as of December 31, 2006 and the periods in which payments are
due:
Contractual obligations:
Long term debt $607,986 $714 $ 914 $ 17,381 $ 588,977
Fixed interest payments 119,051 32,695 58,942 26,369 1,045
Variable interest payments 79,634 3,274 17,348 52,954 6,058
Operating leases 7,851 1,112 2,017 1,108 3,614
Minimum purchase contracts 414 286 107 21 —
Total contractual cash obligations $814,936 $38,081 $79,328 $ 97,833 $599,694
The following table discloses aggregate information about our derivative financial instruments as of December 31, 2006, the source of fair value of these
instruments and their maturities.
Source of fair value:
Derivative financial instruments (1) $8,615 5,424 2,685 496 10
(1) Fair value of interest rate swaps at December 31, 2006 was provided by the counterparties to the underlying contracts using consistent methodologies.
Our critical accounting policies are as follows:
· Revenue recognition;
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