FairPoint Communications 2009 Annual Report Download - page 132

Table of Contents
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The approximate aggregate maturities of long-term debt for each of the five years subsequent to December 31, 2009 are as follows (in thousands):
Pursuant to the Plan, the Company does not expect to make any principal or interest payments on its pre-petition debt during the pendency of the
Chapter 11 Cases. In accordance with the Reorganizations Topic of the ASC, as interest on the Notes subsequent to the Petition Date is not expected to
be an allowed claim, the Company has not accrued interest expense on the Notes subsequent to the Petition Date. $13.4 million of interest on unsecured
debts, at the stated contractual rates, was not accrued for this reason during the year ended December 31, 2009. The Company has continued to accrue
interest expense on the Pre-petition Credit Facility, as such interest is considered an allowed claim per the Plan.
Prior to March 31, 2008, debt held by the Verizon Northern New England business was recorded at the Verizon consolidated level and interest
expense was allocated to the Verizon Northern New England business.
Pre-petition Credit Facility
On March 31, 2008, immediately prior to the Merger, FairPoint and Spinco entered into the Pre-Petition Credit Facility consisting of the Revolving
Credit Facility, the Term Loan and the Delayed Draw Term Loan. Spinco drew $1,160 million under the Term Loan immediately prior to the spin-off,
and then the Company drew $470 million under the Term Loan and $5.5 million under the Delayed Draw Term Loan concurrently with the closing of
the Merger. Subsequent to the Merger, the Company has drawn an additional $194.5 million under the Delayed Draw Term Loan. These funds were
used for certain capital expenditures and other expenses associated with the Merger.
On October 5, 2008 the administrative agent under the Pre-petition Credit Facility filed for bankruptcy. The administrative agent accounted for
thirty percent of the loan commitments under the Revolving Credit Facility. On January 21, 2009, the Company entered into the Pre-petition Credit
Facility Amendment under which, among other things, the administrative agent resigned and was replaced by a new administrative agent. In addition,
the resigning administrative agent's undrawn loan commitments under the Revolving Credit Facility, totaling $30.0 million, were terminated and are no
longer available to the Company.
The Revolving Credit Facility has a swingline subfacility in the amount of $10 million and a letter of credit subfacility in the amount of $30 million,
which will allow issuances of standby letters of credit by the Company. The Pre-petition Credit Facility also permits interest rate and currency exchange
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2010 $ 45,000
2011 58,725
2012 63,300
2013 288,300
2014 102,750
Thereafter 1,957,371
$ 2,515,446