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Debt and Other Obligations | 12 Months Ended
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Dec. 31, 2011
Debt and Other Obligations [Abstract] |
Debt and Other Obligations | Debt and Other Obligations The following is a summary of the Company's indebtedness.
| Original Issue Date |  | Contractual Maturity Date |  | Outstanding Balance as of December 31, 2011 |  | Outstanding Balance as of December 31, 2010 |  | Stated Interest Rate as of December 31, 2011(a) |
Bank debt – variable rate: |  |  |  |  |  |  |  |  |  |
Revolver | Jan. 2007 |  | Sept. 2013 | (b) | $ | 251,000 |  | (b) | $ | 157,000 |  |  | 2.4 | % | (c)
2007 Term Loans | Jan./March 2007 |  | March 2014 | (b) | 619,125 |  |  | 625,625 |  |  | 1.7 | % | (c)
Total bank debt |  |  |  |  | 870,125 |  |  | 782,625 |  |  |  |
Securitized debt – fixed rate: |  |  |  |  |  |  |  |  |  |
January 2010 Tower Revenue Notes | Jan. 2010 |  | 2035 - 2040 | (d) | 1,900,000 |  |  | 1,900,000 |  |  | 5.8 | % | (d)
August 2010 Tower Revenue Notes | Aug. 2010 |  | 2035 - 2040 | (d) | 1,550,000 |  |  | 1,550,000 |  |  | 4.5 | % | (d)
2009 Securitized Notes | July 2009 |  | 2019/2029 | (e) | 216,431 |  |  | 233,085 |  |  | 7.0 | % |
Total securitized debt |  |  |  |  | 3,666,431 |  |  | 3,683,085 |  |  |  |
High yield bonds – fixed rate: |  |  |  |  |  |  |  |  |  |
9% Senior Notes | Jan. 2009 |  | Jan. 2015 |  | 817,799 |  |  | 804,971 |  |  | 9.0 | % | (f)
7.75% Secured Notes | April 2009 |  | May 2017 |  | 978,983 |  |  | 975,913 |  |  | 7.8 | % | (g)
7.125% Senior Notes | Oct. 2009 |  | Nov. 2019 |  | 497,904 |  |  | 497,712 |  |  | 7.1 | % | (h)
7.5% Senior Notes | Dec. 2003 |  | Dec. 2013 |  | 51 |  |  | 51 |  |  | 7.5 | % |
Total high yield bonds |  |  |  |  | 2,294,737 |  |  | 2,278,647 |  |  |  |
Other: |  |  |  |  |  |  |  |  |  |
Capital leases and other obligations | Various |  | Various | (i) | 54,406 |  |  | 34,537 |  |  | Various |  | (i)
Total debt and other obligations |  |  |  |  | 6,885,699 |  |  | 6,778,894 |  |  |  |
Less: current maturities and short-term debt and other current obligations |  |  |  |  | 32,517 |  |  | 28,687 |  |  |  |
Non-current portion of long-term debt and other long-term obligations |  |  |  |  | $ | 6,853,182 |  |  | $ | 6,750,207 |  |  |  |
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(a) | Represents the weighted-average stated interest rate.
(b) | As of December 31, 2011, the undrawn availability under the senior secured revolving credit facility ("Revolver") is $199.0 million. See note 20 for information regarding the $3.1 billion senior credit facility issued in January 2012 ("January 2012 refinancing").
(c) | The Revolver bears interest at a rate per annum, at the election of Crown Castle Operating Company ("CCOC"), equal to (i) the greater of the prime rate of The Royal Bank of Scotland plc and the Federal Funds Effective Rate plus 0.5%, plus a credit spread ranging from 1.0% to 1.4% or (ii) LIBOR plus a credit spread ranging from 2.0% to 2.4%, in each case based on the Company’s consolidated leverage ratio. The 2007 term loans ("2007 Term Loans") bear interest at a rate per annum, at CCOC's election, equal to (i) the greater of the prime rate of The Royal Bank of Scotland plc and the Federal Funds Effective Rate plus 0.5%, or (ii) LIBOR plus 1.5%. See note 20.
(d) | If the respective series of the January 2010 Tower Revenue Notes and August 2010 Tower Revenue Notes (collectively, "2010 Tower Revenue Notes") are not paid in full on or prior to 2015, 2017 and 2020, as applicable, then Excess Cash Flow (as defined in the indenture) of the issuers (of such notes) will be used to repay principal of the applicable series and class of the 2010 Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective 2010 Tower Revenue Notes. The January 2010 Tower Revenue Notes consist of three series of notes with principal amounts of $300.0 million, $350.0 million and $1.3 billion, having anticipated repayment dates in 2015, 2017 and 2020, respectively. The August 2010 Tower Revenue Notes consist of three series of notes with principal amounts of $250.0 million, $300.0 million and $1.0 billion, having anticipated repayment dates in 2015, 2017 and 2020, respectively.
(e) | The 2009 Securitized Notes consist of $146.4 million of principal as of December 31, 2011 that amortizes through 2019, and $70.0 million of principal as of December 31, 2011 that amortizes during the period beginning in 2019 and ending in 2029.
(f) | The effective yield is approximately 11.3%, inclusive of the discount.
(g) | The effective yield is approximately 8.2%, inclusive of the discount.
(h) | The effective yield is approximately 7.2%, inclusive of the discount.
(i) | The Company's capital leases and other obligations bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 20 years.
The Company's debt obligations contain certain financial covenants with which CCIC or its subsidiaries must comply. Failure to comply with such covenants may result in the imposition of restrictions. As of and for the year ended December 31, 2011, CCIC and its subsidiaries had no financial covenant violations. Various of the Company's debt obligations also place other restrictions on CCIC or its subsidiaries including the ability to incur debt and liens, purchase Company securities, make capital expenditures, dispose of assets, undertake transactions with affiliates, make other investments and pay dividends. 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 senior secured revolving credit facility. In December 2009, the Revolver was amended effective January 2010 to extend the maturity to September 2013 and increase the total revolving commitment to $400.0 million. In June 2011, the Revolver was amended to increase the aggregate revolving commitment availability by $50.0 million to a total revolving commitment availability of $450.0 million, subject to certain restrictions based on the maintenance of financial covenants in the 2007 Credit Agreement. In January 2007, CCOC entered into a term loan joinder 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 pursuant to which the lenders agreed to provide CCOC with an additional $50.0 million senior secured term loan under the 2007 Credit Agreement. 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 ($47.8 million as of December 31, 2011) 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, including the financing of capital expenditures, acquisitions and purchases of the Company's securities. The borrowings on the Revolver in December 2010 were used to settle a portion of the previously outstanding forward-starting interest rate swaps (see note 7). The proceeds from the term loans were used to purchase shares of the Company's common stock (see note 11). The Company pays a commitment fee of 0.4% per annum on the undrawn available amount under the Revolver. See note 20 for a discussion of the January 2012 refinancing. Securitized Debt The 2010 Tower Revenue Notes and the 2009 Securitized Notes (collectively, "Securitized Debt") are obligations of special purpose entities and their direct and indirect subsidiaries (each an "issuer"), all of which are wholly-owned indirect subsidiaries of the Company. The 2010 Tower Revenue Notes and 2009 Securitized Notes are governed by separate indentures. The 2010 Tower Revenue Notes are governed by one indenture and consist of multiple series of notes, each with its own anticipated repayment date. The net proceeds of the January 2010 Tower Revenue Notes and August 2010 Tower Revenue Notes were primarily used to repay the portion of the 2005 Tower Revenue Notes not previously purchased and 2006 Tower Revenue Notes not previously purchased, respectively. The net proceeds of the 2009 Securitized Notes were used to repay the portion of the Commercial Mortgage Pass-through Certificates, Series 2004-2 ("2004 Mortgage Loan") not previously purchased. Interest is paid monthly on the Securitized Debt. The Securitized Debt is paid solely from the cash flows generated by the operation of the towers held directly and indirectly by the issuers of the respective Securitized Debt. The Securitized Debt is secured by, among other things, (1) a security interest in substantially all of the applicable issuers' assignable personal property, (2) a pledge of the equity interests in each applicable issuer, and (3) a security interest in the applicable issuers' contracts with customers to lease space on their towers (space licenses). The governing instruments of two indirect subsidiaries ("Crown Atlantic" and "Crown GT") of the issuers of the 2010 Tower Revenue Notes generally prevent them from issuing debt and granting liens on their assets without the approval of a subsidiary of Verizon Communications. Consequently, while distributions paid by Crown Atlantic and Crown GT will service the 2010 Tower Revenue Notes, the 2010 Tower Revenue Notes are not obligations of, nor are the 2010 Tower Revenue Notes secured by the cash flows or any other assets of, Crown Atlantic and Crown GT. As of December 31, 2011, the Securitized Debt was collateralized with personal property and equipment with a net book value of an aggregate approximately $1.7 billion, exclusive of Crown Atlantic and Crown GT personal property and equipment. The excess cash flows from the issuers of the Securitized Debt, after the payment of principal, interest, reserves, expenses, and management fees are distributed to the Company in accordance with the terms of the indentures. If the Debt Service Coverage Ratio ("DSCR") (as defined in the applicable governing loan agreement) as of the end of any calendar quarter falls to a certain level, then all excess cash flow of the issuers of the applicable debt instrument will be deposited into a reserve account instead of being released to the Company. The funds in the reserve account will not be released to the Company until the DSCR exceeds a certain level for two consecutive calendar quarters. If the DSCR falls below a certain level as of the end of any calendar quarter, then all cash on deposit in the reserve account along with future excess cash flows of the issuers will be applied to prepay the debt with applicable prepayment consideration. The Company may repay the 2010 Tower Revenue Notes and the 2009 Securitized Notes in whole or in part at any time after the second anniversary of the applicable issuance date, provided such prepayment is accompanied by any applicable prepayment consideration. The Securitized Debt has covenants and restrictions customary for rated securitizations, including provisions prohibiting the issuers from incurring additional indebtedness or further encumbering their assets. The 2010 Tower Revenue Notes contain the same financial covenants as the previously outstanding 2005 and 2006 Tower Revenue Notes. High Yield Bonds—Senior Notes The 9% Senior Notes and 7.125% Senior Notes (collectively, "Senior Notes") are public offerings and are general obligations of CCIC, which rank equally with all existing and future senior debt of CCIC. The Senior Notes are effectively subordinated to all liabilities (including trade payables) of each subsidiary of the Company and rank pari passu with the other respective high yield bonds of the Company. As discussed below, the Company has used the net proceeds from the 9% Senior Notes to (1) purchase portions of its previously existing 2004 Mortgage Loan, (2) repay and purchase portions of its previously existing Commercial Mortgage Pass-through Certificates, Series 2006-1 ("2006 Mortgage Loan"), and (3) repay outstanding amounts under the Revolver. The Company used the net proceeds from the 7.125% Senior Notes to purchase certain indebtedness of its subsidiaries. The Senior Notes contain restrictive covenants with which the Company and its restricted subsidiaries must comply, subject to a number of exceptions and qualifications, including restrictions on its ability to incur incremental debt, issue preferred stock, guarantee debt, pay dividends, repurchase its capital stock, use assets as security in other transactions, sell assets or merge with or into other companies, and make certain investments. Certain of these restrictions are not applicable if there is no event of default and if the ratio of the Company's Consolidated Debt (as defined in the 9% Senior Notes and 7.125% Senior Notes indenture) to its Adjusted Consolidated Cash Flows (as defined in the 9% Senior Notes and 7.125% Senior Notes indenture) is less than or equal to 7.0 to 1.0. The Senior Notes do not contain any financial maintenance covenants. Prior to January 2013 and November 2014, the Company may redeem the 9% Senior Notes and 7.125% Senior Notes, respectively, at a price equal to 100% of the principal amount, plus a make whole premium, and accrued and unpaid interest, if any. After January 2013 and November 2014, respectively, the 9% Senior Notes and 7.125% Senior Notes may be redeemed at the redemption prices set forth in the respective indenture. High Yield Bonds—Secured Notes The 7.75% Secured Notes were issued and guaranteed by certain subsidiaries of the Company that are special purpose entities and that were obligors under the 2006 Mortgage Loan. These 7.75% Secured Notes are secured on a first priority basis by a pledge of the equity interests of such subsidiaries and by certain other assets of such subsidiaries. The 7.75% Secured Notes are obligations of the subsidiaries that were obligated under the 2006 Mortgage Loan, which was repaid in part through the proceeds from the 7.75% Secured Notes. The 7.75% Secured Notes are not guaranteed by and are not obligations of CCIC or any of its subsidiaries other than the issuers and guarantors of the 7.75% Notes. The 7.75% Secured Notes will be paid solely from the cash flows generated from operations of the towers held directly and indirectly by the issuers and the guarantors of such notes. As of December 31, 2011, the 7.75% Secured Notes were collateralized with personal property and equipment with a net book value of an aggregate approximately $1.2 billion. The Company used the net proceeds of the issuance of the 7.75% Secured Notes, along with other cash, to repay the 2006 Mortgage Loan. The 7.75% Secured Notes contain restrictive covenants with which the issuing subsidiaries and the guarantors of such notes must comply, subject to a number of exceptions and qualifications, including restrictions on their ability to incur debt, make restricted payments, incur liens, enter into certain merger or change of control transactions, enter into related party transactions and engage in certain other activities as set forth in the indenture. The 7.75% Secured Notes contain financial covenants that could result in cash being deposited in a reserve account and require the Company to offer to purchase the 7.75% Secured Notes. Prior to May 2013 the Company may redeem the 7.75% Secured Notes at a price equal to 100% of the principal amount, plus a make whole premium, and accrued and unpaid interest, if any. After May 2013, the debt may be redeemed at the redemption prices set forth in the indenture. Previously Outstanding Indebtedness 2005 Tower Revenue Notes and 2006 Tower Revenue Notes. In 2010, the Company purchased and repaid the outstanding portions of the 2005 Tower Revenue Notes and the 2006 Tower Revenue Notes. The 2005 Tower Revenue Notes were repaid in part through the proceeds of the January 2010 Tower Revenue Notes. The 2006 Tower Revenue Notes were repaid in part through the proceeds of the August 2010 Tower Revenue Notes. See below for the net losses on these retirements. 2004 Mortgage Loan and 2006 Mortgage Loan. The 2004 Mortgage Loan and 2006 Mortgage Loan (collectively, "Mortgage Loans") remained outstanding as obligations of the subsidiaries of Global Signal upon the Global Signal Merger. In 2009, the Company purchased and repaid the outstanding portions of the Mortgage Loans. The 2004 Mortgage Loan was repaid in part through proceeds of the 2009 Securitized Notes. The 2006 Mortgage Loan was repaid in part through the proceeds of the 7.75% Secured Notes. A portion of the net proceeds of the 9% Senior Notes was also used to retire part of the Mortgage Loans. See below for the net losses on these retirements. See note 20. Contractual Maturities The following are the scheduled contractual maturities of the total debt and other long-term obligations outstanding at December 31, 2011, exclusive of the 6.25% Redeemable Convertible Preferred Stock. These maturities reflect contractual maturity dates and do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes. If the Tower Revenue Notes are not paid in full on or prior to 2015, 2017 and 2020, as applicable, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the Tower Revenue Notes. See note 20.
| Years Ending December 31, |  |  |  |
| 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | Thereafter |  | Total Cash Obligations |  | Unamortized Discounts |  | Total Debt and Other Obligations Outstanding
Scheduled contractual maturities | $ | 32,684 |  |  | $ | 283,434 |  |  | $ | 631,662 |  |  | $ | 892,276 |  |  | $ | 23,711 |  |  | $ | 5,094,539 |  |  | $ | 6,958,306 |  |  | $ | (72,607 | ) |  | $ | 6,885,699 |
Debt Purchases and Repayments The following is a summary of the partial purchases and repayments of debt during the years ended December 31, 2010 and December 31, 2009.
| Year Ending December 31, 2010
| Principal Amount |  | Cash Paid(a) |  | Gains (losses) |
2005 Tower Revenue Notes | $ | 1,638,616 |  |  | $ | 1,651,255 |  |  | $ | (15,718 | ) |
2006 Tower Revenue Notes | 1,550,000 |  |  | 1,629,920 |  |  | (87,755 | ) |
2009 Securitized Notes(b) | 5,000 |  |  | 5,250 |  |  | (393 | ) |
9% Senior Notes | 33,115 |  |  | 36,116 |  |  | (6,425 | ) |
7.75% Secured Notes(b) | 199,593 |  |  | 218,771 |  |  | (28,076 | ) |
Total | $ | 3,426,324 |  |  | $ | 3,541,312 |  |  | $ | (138,367 | ) | (c)
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(a) | Exclusive of accrued interest.
(b) | These debt purchases were made by CCIC, rather than by the subsidiaries issuing the debt, because of restrictions upon the subsidiaries issuing the debt; as a result, the debt remains outstanding at the Company's subsidiaries.
(c) | Inclusive of $23.4 million related to the write-off of deferred financing costs and discounts.
| Year Ending December 31, 2009
| Principal Amount |  | Cash Paid(a) |  | Gains (losses) |
2004 Mortgage Loan(b) | $ | 293,505 |  |  | $ | 293,716 |  |  | $ | (2,128 | ) |
2006 Mortgage Loan(b) | 1,550,000 |  |  | 1,634,184 |  |  | (85,659 | ) |
2005 Tower Revenue Notes | 261,384 |  |  | 263,819 |  |  | (3,292 | ) |
Revolver | 219,400 |  |  | 219,400 |  |  | — |  |
Total | $ | 2,324,289 |  |  | $ | 2,411,119 |  |  | $ | (91,079 | ) | (c)
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(a) | Exclusive of accrued interest.
(b) | Includes purchases and repayments.
(c) | Inclusive of $4.2 million related to the write-off of deferred financing costs and other non-cash adjustments.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References No definition available. + Details
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