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Subsequent Events Subsequent Events
6 Months Ended
Jun. 30, 2018
Subsequent Event [Line Items]  
Subsequent Events [Text Block]
Subsequent Events
July 2018 Tower Revenue Notes
In July 2018, certain of the Company's indirect subsidiaries issued $1.0 billion aggregate principal amount of Senior Secured Tower Revenue Notes ("July 2018 Tower Revenue Notes"), which were issued pursuant to the existing indenture and having similar terms and security as the Company's existing Tower Revenue Notes.
The July 2018 Tower Revenue Notes consist of (1) $250 million aggregate principal amount of 3.720% senior secured tower revenue notes ("3.72% Notes") and have an expected life of five years with a final maturity of July 2043 and (2) $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("4.241% Notes") and have an expected life of 10 years with a final maturity of July 2048.
The Company used the proceeds of the July 2018 Tower Revenue Notes, together with cash on hand, to repay all of the previously outstanding Tower Revenue Notes, Series 2010-6 and to pay related fees and expenses. The Company expects to record a loss on retirement of long-term obligations during the third quarter of 2018 of approximately $33 million in connection with this repayment.
In addition to the July 2018 Tower Revenue Notes described above, in connection with Exchange Act risk retention requirements, an indirect subsidiary of the Company issued and a majority-owned affiliate of the Company purchased approximately $53 million of the Senior Secured Tower Revenue Notes, Series 2018-1, Class R-2028 to retain an "eligible horizontal residual interest" in an amount equal to at least 5% of the fair value of the July 2018 Tower Revenue Notes.
Common Stock Dividend
On August 2, 2018, the Company's board of directors declared a quarterly cash dividend of $1.05 per common share. The quarterly dividend will be paid on September 28, 2018 to common stockholders of record as of September 14, 2018.