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LONG-TERM DEBT (Tables)
 6 Months Ended
Jun. 30, 2015
Debt Disclosure [Abstract]  
Schedule Of Long Term Debt [Table Text Block]
Long-term debt consists of the following:
 
 
June 30, 2015
 
December 31, 2014
 
 
 
(Unaudited)
 
 
 
 
 
(In thousands)
 
Senior bank term debt
 
$
—
 
$
368,532
 
2015 Credit Facility
 
 
350,000
 
 
—
 
9.25% Senior Subordinated Notes due February 2020
 
 
335,000
 
 
335,000
 
7.375% Senior Secured Notes due April 2022
 
 
350,000
 
 
—
 
Comcast Note due April 2019
 
 
11,872
 
 
—
 
10% Senior Secured TV One Notes due March 2016
 
 
—
 
 
119,000
 
Total debt
 
 
1,046,872
 
 
822,532
 
Less: current portion of long-term debt
 
 
2,625
 
 
3,829
 
Less: original issue discount
 
 
23,299
 
 
9,088
 
Long-term debt, net
 
$
1,020,948
 
$
809,615
 
Schedule of Ratios Calculated in Accordance with Credit Agreement [Table Text Block]
As of June 30, 2015, ratios calculated in accordance with the 2015 Credit Facility were as follows:
 
 
 
As of
 
 
 
 
 
 
 
 
 
 
 
 
June
 
 
Covenant
 
 
Excess
 
 
 
 
30, 2015
 
 
Limit
 
 
Coverage
 
 
 
 
 
 
 
 
 
 
 
 
 
Pro Forma Last Twelve Months Covenant EBITDA (In millions)
 
$
137.5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pro Forma Last Twelve Months Interest Expense (In millions)
 
$
74.7
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior Debt (In millions)
 
$
641.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Coverage
 
 
 
 
 
 
 
 
 
 
 
 
 
Covenant EBITDA / Interest Expense
 
 
1.84
x
 
 
1.25
x
 
 
0.59
x
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior Leverage
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior Secured Debt / Covenant EBITDA
 
 
4.66
x
 
 
5.85
x
 
 
1.19
x
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA - Earnings before interest, taxes, depreciation and amortization
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Covenant EBITDA – EBITDA adjusted for certain other adjustments, as defined in the 2015 Credit Facility
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Maturities of Long-term Debt [Table Text Block]
Future scheduled minimum principal payments of debt as of June 30, 2015, are as follows:
 
 
 
 
 
 
 
9.25% Senior
 
7.375% Senior
 
 
 
 
 
 
 
 
 
Subordinated
 
Secured
 
 
 
 
 
Comcast Note
due April 2019
 
2015
Credit Facility
 
Notes due
February 2020
 
Notes
due April 2022
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
July – December 2015
 
$
—
 
$
2,625
 
$
—
 
$
—
 
$
2,625
 
2016
 
 
—
 
 
3,500
 
 
—
 
 
—
 
 
3,500
 
2017
 
 
—
 
 
3,500
 
 
—
 
 
—
 
 
3,500
 
2018
 
 
—
 
 
340,375
 
 
—
 
 
—
 
 
340,375
 
2019
 
 
11,872
 
 
—
 
 
—
 
 
—
 
 
11,872
 
2020
 
 
—
 
 
—
 
 
335,000
 
 
—
 
 
335,000
 
2021 and thereafter
 
 
—
 
 
—
 
 
—
 
 
350,000
 
 
350,000
 
Total Debt
 
$
11,872
 
$
350,000
 
$
335,000
 
$
350,000
 
$
1,046,872