CCI » Topics » Bank Debt

These excerpts taken from the CCI 10-K filed Feb 26, 2009.

Bank Debt

In January, 2007, CCOC entered into a credit agreement (as amended, supplemented or otherwise modified, “2007 Credit Agreement”) with a syndicate of lenders pursuant to which such lenders agreed to provide CCOC with a $250.0 million senior secured revolving credit facility. In January 2008, the revolver maturity was extended to January 2009 (see note 22). In January 2007, CCOC entered into a term loan joinder (as amended, “2007 Joinder A”) pursuant to which the lenders agreed to provide CCOC with a $600.0 million senior secured term loan under the 2007 Credit Agreement. In March 2007, CCOC also entered into a second term loan joinder (“2007 Joinder B”) pursuant to which the lenders agreed to provide CCOC with a $50.0 million senior secured term loan under the 2007 Credit Agreement.

As of December 31, 2008, the 2007 Credit Agreement provides for aggregate commitments of $900.0 million consisting of (1) the $250.0 million Revolver (see note 22) and (2) the $650.0 million 2007 Term Loans. The 2007 Term Loans will mature in consecutive quarterly installments of an aggregate $1.6 million and the entire remaining outstanding amount will mature on March 6, 2014.

The Revolver and 2007 Term Loans are secured by a pledge of certain equity interests of certain subsidiaries of CCIC, as well as a security interest in CCOC’s deposit accounts ($40.3 million as of December 31, 2008) and securities accounts. The Revolver and 2007 Term Loans are guaranteed by CCIC and certain of its subsidiaries.

The proceeds of the Revolver may be used for general corporate purposes, which may include the financing of capital expenditures, acquisitions and purchases of the Company’s securities. The proceeds from the term loans were used to purchase shares of the Company’s common stock (see note 11). Availability under the Revolver at any time is determined by certain financial ratios. The Company pays a commitment fee on the undrawn available amount that ranges from 0.13% to 0.38%. See note 22.

Bank Debt

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">In January, 2007, CCOC entered into a credit agreement (as amended, supplemented or otherwise modified, “2007 Credit Agreement”) with a
syndicate of lenders pursuant to which such lenders agreed to provide CCOC with a $250.0 million senior secured revolving credit facility. In January 2008, the revolver maturity was extended to January 2009 (see note 22). In January 2007, CCOC
entered into a term loan joinder (as amended, “2007 Joinder A”) pursuant to which the lenders agreed to provide CCOC with a $600.0 million senior secured term loan under the 2007 Credit Agreement. In March 2007, CCOC also entered into a
second term loan joinder (“2007 Joinder B”) pursuant to which the lenders agreed to provide CCOC with a $50.0 million senior secured term loan under the 2007 Credit Agreement.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">As of December 31, 2008, the 2007 Credit Agreement provides for aggregate commitments of $900.0 million consisting of (1) the $250.0 million
Revolver (see note 22) and (2) the $650.0 million 2007 Term Loans. The 2007 Term Loans will mature in consecutive quarterly installments of an aggregate $1.6 million and the entire remaining outstanding amount will mature on March 6, 2014.

The Revolver and 2007 Term Loans are secured by a pledge of certain equity interests of certain subsidiaries of CCIC, as well as a
security interest in CCOC’s deposit accounts ($40.3 million as of December 31, 2008) and securities accounts. The Revolver and 2007 Term Loans are guaranteed by CCIC and certain of its subsidiaries.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">The proceeds of the Revolver may be used for general corporate purposes, which may include the financing of capital expenditures, acquisitions and
purchases of the Company’s securities. The proceeds from the term loans were used to purchase shares of the Company’s common stock (see note 11). Availability under the Revolver at any time is determined by certain financial ratios. The
Company pays a commitment fee on the undrawn available amount that ranges from 0.13% to 0.38%. See note 22.

This excerpt taken from the CCI 10-K filed Feb 27, 2008.

Bank Debt

In January, 2007, Crown Castle Operating Company (“CCOC”) entered into a credit agreement (as amended, supplemented or otherwise modified, “2007 Credit Agreement”) with a syndicate of lenders pursuant to which such lenders agreed to provide CCOC with a $250.0 million senior secured revolving credit facility (“2007 Revolver”) originally maturing January 8, 2008 (see note 22). In January, 2007, CCOC entered into a term loan joinder (as amended, “2007 Joinder A”) pursuant to which the lenders agreed to provide CCOC with a $600.0 million senior secured term loan (“2007 Term Loan A”) under the 2007 Credit Agreement.

In March 2007, CCOC entered into an amendment to the 2007 Credit Agreement pursuant to which the lenders agreed to amend certain terms of the 2007 Credit Agreement, which included (1) a reduction in the interest rate margins applicable to borrowings under the 2007 Revolver and (2) upon termination of the 2007 Revolver, elimination of the covenants that require compliance with certain financial ratios. In March 2007, CCOC entered into an amendment to the 2007 Joinder A pursuant to which the lenders agreed to amend certain terms applicable to the 2007 Term Loan A including (1) a reduction in the interest rate margins applicable to the Term Loan A and (2) an extension of the maturity date of the 2007 Term Loan A from January 25, 2014, to March 6, 2014. On March 6, 2007, CCOC also entered into a second term loan joinder (“2007 Joinder B”) pursuant to which the lenders agreed to provide CCOC with a $50.0 million senior secured term loan (“2007 Term Loan B” and, together with the 2007 Term Loan A, “2007 Term Loans”) under the 2007 Credit Agreement.

The 2007 Credit Agreement now provides for aggregate commitments of $900.0 million consisting of (1) the $250.0 million 2007 Revolver and (2) the $650.0 million 2007 Term Loans. The 2007 Term Loans will mature in consecutive quarterly installments of an aggregate $1.6 million and the entire remaining outstanding amount will mature on March 6, 2014.

The 2007 Revolver and 2007 Term Loans are secured by a pledge of certain equity interests of certain subsidiaries of CCIC, as well as a security interest in CCOC’s deposit accounts ($24.2 million as of December 31, 2007) and securities accounts. The 2007 Revolver and 2007 Term Loans are guaranteed by CCIC and certain of its subsidiaries.

The proceeds of the 2007 Revolver may be used for general corporate purposes, which may include the financing of capital expenditures, acquisitions and purchases of the Company’s securities. The proceeds from the term loans were used to purchase shares of the Company’s common stock (see note 11). Availability under the 2007 Revolver at any time is determined by certain financial ratios. The Company pays a commitment fee on the undrawn available amount that ranges from 0.13% to 0.38%. As of December 31, 2007, the Company has $175.0 million of unused availability under the 2007 Revolver. See note 22.

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