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Debt | 3 Months Ended
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Mar. 31, 2021
Debt [Abstract] |
Debt | 10.DEBT The principal values, fair values, and carrying values of debt consist of the following (in thousands):
|  |  |  | As of |  | As of
|  |  |  | March 31, 2021 |  | December 31, 2020
|  | Maturity Date |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value
Revolving Credit Facility |  | Apr. 11, 2023 |  | $ | 590,000 |  | $ | 590,000 |  | $ | 590,000 |  | $ | 380,000 |  | $ | 380,000 |  | $ | 380,000
2018 Term Loan |  | Apr. 11, 2025 |  |  | 2,334,000 |  |  | 2,301,908 |  |  | 2,320,200 |  |  | 2,340,000 |  |  | 2,310,750 |  |  | 2,325,391
2013-2C Tower Securities (1) |  | Apr. 11, 2023 |  |  | 575,000 |  |  | 590,841 |  |  | 572,370 |  |  | 575,000 |  |  | 599,662 |  |  | 572,063
2014-2C Tower Securities (1) |  | Oct. 8, 2024 |  |  | 620,000 |  |  | 655,185 |  |  | 616,368 |  |  | 620,000 |  |  | 670,003 |  |  | 616,131
2017-1C Tower Securities (1) |  | Apr. 11, 2022 |  |  | 760,000 |  |  | 767,532 |  |  | 757,703 |  |  | 760,000 |  |  | 774,410 |  |  | 757,165
2018-1C Tower Securities (1) |  | Mar. 9, 2023 |  |  | 640,000 |  |  | 660,928 |  |  | 636,481 |  |  | 640,000 |  |  | 671,341 |  |  | 636,045
2019-1C Tower Securities (1) |  | Jan. 12, 2025 |  |  | 1,165,000 |  |  | 1,192,249 |  |  | 1,155,684 |  |  | 1,165,000 |  |  | 1,218,613 |  |  | 1,155,106
2020-1C Tower Securities (1) |  | Jan. 9, 2026 |  |  | 750,000 |  |  | 734,505 |  |  | 743,050 |  |  | 750,000 |  |  | 752,910 |  |  | 742,782
2020-2C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 600,000 |  |  | 571,254 |  |  | 594,215 |  |  | 600,000 |  |  | 597,840 |  |  | 594,081
2016 Senior Notes |  | Sep. 1, 2024 |  |  | 1,100,000 |  |  | 1,124,871 |  |  | 1,089,616 |  |  | 1,100,000 |  |  | 1,127,500 |  |  | 1,088,924
2017 Senior Notes |  | Oct. 1, 2022 |  |  | — |  |  | — |  |  | — |  |  | 750,000 |  |  | 757,500 |  |  | 746,642
2020 Senior Notes |  | Feb. 15, 2027 |  |  | 1,500,000 |  |  | 1,533,975 |  |  | 1,482,131 |  |  | 1,500,000 |  |  | 1,567,500 |  |  | 1,481,466
2021 Senior Notes |  | Feb. 1, 2029 |  |  | 1,500,000 |  |  | 1,445,625 |  |  | 1,485,939 |  |  | — |  |  | — |  |  | —
Total debt |  |  |  | $ | 12,134,000 |  | $ | 12,168,873 |  | $ | 12,043,757 |  | $ | 11,180,000 |  | $ | 11,428,029 |  | $ | 11,095,796
Less: current maturities of long-term debt |  |  |  |  |  | (24,000) |  |  |  |  |  |  |  |  | (24,000)
Total long-term debt, net of current maturities |  |  |  |  | $ | 12,019,757 |  |  |  |  |  |  |  | $ | 11,071,796
(1)The maturity date represents the anticipated repayment date for each issuance. The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:
|  | Interest |  | For the three months ended March 31,
|  | Rates as of |  | 2021 |  | 2020
|  | March 31, |  | Cash |  | Non-cash |  | Cash |  | Non-cash
|  | 2021 |  | Interest |  | Interest |  | Interest |  | Interest
Revolving Credit Facility |  | 1.590% |  | $ | 2,148 |  | $ | — |  | $ | 2,714 |  | $ | —
2018 Term Loan (1) |  | 1.872% |  |  | 10,997 |  |  | 11,434 |  |  | 22,203 |  |  | 2,022
2013-2C Tower Securities |  | 3.722% |  |  | 5,396 |  |  | — |  |  | 5,396 |  |  | —
2014-2C Tower Securities |  | 3.869% |  |  | 6,046 |  |  | — |  |  | 6,046 |  |  | —
2015-1C Tower Securities |  | 3.156% |  |  | — |  |  | — |  |  | 3,985 |  |  | —
2016-1C Tower Securities |  | 2.877% |  |  | — |  |  | — |  |  | 5,090 |  |  | —
2017-1C Tower Securities |  | 3.168% |  |  | 6,085 |  |  | — |  |  | 6,085 |  |  | —
2018-1C Tower Securities |  | 3.448% |  |  | 5,570 |  |  | — |  |  | 5,570 |  |  | —
2019-1C Tower Securities |  | 2.836% |  |  | 8,357 |  |  | — |  |  | 8,357 |  |  | —
2020-1C Tower Securities |  | 1.884% |  |  | 3,598 |  |  | — |  |  | — |  |  | —
2020-2C Tower Securities |  | 2.328% |  |  | 3,540 |  |  | — |  |  | — |  |  | —
2014 Senior Notes |  | 4.875% |  |  | — |  |  | — |  |  | 3,352 |  |  | 112
2016 Senior Notes |  | 4.875% |  |  | 13,406 |  |  | 286 |  |  | 13,406 |  |  | 272
2017 Senior Notes |  | 4.000% |  |  | 2,333 |  |  | — |  |  | 7,500 |  |  | —
2020 Senior Notes |  | 3.875% |  |  | 14,531 |  |  | 84 |  |  | 6,135 |  |  | —
2021 Senior Notes |  | 3.125% |  |  | 8,073 |  |  | — |  |  | — |  |  | —
Other |  |  |  |  | 15 |  |  | — |  |  | 12 |  |  | —
Total |  |  |  | $ | 90,095 |  | $ | 11,804 |  | $ | 95,851 |  | $ | 2,406
(1)The 2018 Term Loan has a blended rate of 1.872%, which includes the impact of the interest rate swap entered into on August 4, 2020, which swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 1.860% as of March 31, 2021. Refer to Note 17 for more information on the Company’s interest rate swap. Revolving Credit Facility under the Senior Credit Agreement During the three months ended March 31, 2021, the Company borrowed $710.0 million and repaid $500.0 million of the outstanding balance under the Revolving Credit Facility. As of March 31, 2021, the balance outstanding under the Revolving Credit Facility was $590.0 million accruing interest at 1.590% per annum. In addition, SBA Senior Finance II LLC, the Company’s wholly owned subsidiary (“SBA Senior Finance II”) was required to pay a commitment fee of 0.20% per annum on the amount of the unused commitment. As of March 31, 2021, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement. Subsequent to March 31, 2021, the Company repaid $95.0 million of the outstanding balance under the Revolving Credit Facility. As of the date of this filing, $495.0 million was outstanding under the Revolving Credit Facility. Term Loan under the Senior Credit Agreement During the three months ended March 31, 2021, the Company repaid an aggregate of $6.0 million of principal on the 2018 Term Loan. As of March 31, 2021, the 2018 Term Loan had a principal balance of $2.3 billion. Secured Tower Revenue Securities As of March 31, 2021, the entities that are borrowers on the mortgage loan (the “Borrowers”) met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement. The sole asset of the Trust (defined below) consists of a non-recourse mortgage loan made in favor of the Borrowers. 2021-1C Tower Securities On April 29, 2021, the Company, through the Trust, priced $1.165 billion of Secured Tower Revenue Securities Series 2021-1C which have an anticipated repayment date of November 9, 2026 and a final maturity date of May 9, 2051 (the “2021-1C Tower Securities”). This transaction is expected to close May 14, 2021. The 2021-1C Tower Securities have a fixed interest rate of 1.631% per annum, payable monthly. In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), SBA Guarantor, LLC, a wholly owned subsidiary, will purchase $61.4 million of Secured Tower Revenue Securities Series 2021-1R issued by the Trust. These securities have an anticipated repayment date of November 9, 2026 and a final maturity date of May 9, 2051 (the “2021-1R Tower Securities”). The fixed interest rate on the 2021-1R Tower Securities is 3.625% per annum, payable monthly. Principal and interest payments made on the 2021-1R Tower Securities will eliminate in consolidation. Net proceeds from this offering will be used to repay the entire aggregate principal amount of the 2017-1C Tower Securities ($760.0 million) and the Secured Tower Revenue Securities, Series 2017-1R ($40.0 million) and for general corporate purposes. Senior Notes 2021 Senior Notes On January 29, 2021, the Company issued $1.5 billion of unsecured senior notes due February 1, 2029 at par value (the “2021 Senior Notes”). The 2021 Senior Notes accrue interest at a rate of 3.125% per annum. Interest on the 2021 Senior Notes is due semi-annually on February 1 and August 1 of each year, beginning on August 1, 2021. The Company incurred financing fees of $14.3 million to date in relation to this transaction, which are being amortized through the maturity date. Net proceeds from this offering were used to redeem all of the outstanding principal amount of the 2017 Senior Notes, repay the amounts outstanding under the Revolving Credit Facility, and for general corporate purposes. The 2021 Senior Notes are subject to redemption in whole or in part on or after February 1, 2024 at the redemption prices set forth in the indenture agreement plus accrued and unpaid interest. Prior to February 1, 2024, the Company may, at its option, redeem up to 35% of the aggregate principal amount of the 2021 Senior Notes originally issued at a redemption price of 103.125% of the principal amount of the 2021 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest with the net proceeds of certain equity offerings. The Company may redeem the 2021 Senior Notes during the twelve-month period beginning on the following dates at the following redemption prices: February 1, 2024 at 101.563%, February 1, 2025 at 100.781%, or February 1, 2026 until maturity at 100.000%, of the principal amount of the 2021 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest. 2017 Senior Notes On February 11, 2021, the Company redeemed the entire $750.0 million balance of the 2017 Senior Notes with proceeds from the 2021 Senior Notes. In addition, the Company paid a $7.5 million call premium and expensed $4.2 million for the write-off of financing fees related to the redemption of the 2017 Senior Notes, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.

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- Definition The entire disclosure for 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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