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, 2016 December 31, 2015 Maturity Date Principal Balance Fair Value Carrying Value Principal Balance Fair Value Carrying Value 5.625% Senior Notes Oct. 1, 2019 $ 500,000 $ 517,500 $ 495,258 $ 500,000 $ 521,250 $ 494,955 5.750% Senior Notes July 15, 2020 800,000 822,000 791,666 800,000 832,000 791,243 4.875% Senior Notes July 15, 2022 750,000 755,625 735,497 750,000 744,375 735,010 2010-2C Tower Securities April 11, 2017 550,000 554,169 548,594 550,000 558,223 548,268 2012-1C Tower Securities Dec. 11, 2017 610,000 611,562 604,952 610,000 611,879 604,229 2013-1C Tower Securities April 10, 2018 425,000 420,793 421,513 425,000 416,959 421,099 2013-2C Tower Securities April 11, 2023 575,000 572,395 566,774 575,000 565,541 566,523 2013-1D Tower Securities April 10, 2018 330,000 335,240 327,240 330,000 332,676 326,918 2014-1C Tower Securities Oct. 8, 2019 920,000 912,410 910,243 920,000 910,368 909,595 2014-2C Tower Securities Oct. 8, 2024 620,000 618,878 612,047 620,000 608,084 611,853 2015-1C Tower Securities Oct. 8, 2020 500,000 501,330 489,725 500,000 489,680 489,496 Revolving Credit Facility Feb. 5, 2020 20,000 20,000 20,000 — — — 2014 Term Loan Mar. 24, 2021 1,473,750 1,466,381 1,461,581 1,477,500 1,447,950 1,464,774 2015 Term Loan June 10, 2022 496,250 491,288 487,180 497,500 486,306 488,107 Total debt $ 8,570,000 $ 8,599,571 $ 8,472,270 $ 8,555,000 $ 8,525,291 $ 8,452,070 Less: current maturities of long-term debt (20,000) (20,000) Total long-term debt, net of current maturities $ 8,452,270 $ 8,432,070 The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented: For the three months ended March 31, 2016 2015 Cash Non-cash Cash Non-cash Interest Interest Interest Interest (in thousands) 5.625% Senior Notes $ 7,031 $ — $ 7,031 $ — 5.75% Senior Notes 11,500 — 11,500 — 4.875% Senior Notes 9,141 169 9,141 161 2010 Tower Securities 7,058 — 7,058 — 2012 Tower Securities 4,534 — 4,531 — 2013 Tower Securities 10,804 — 10,804 — 2014 Tower Securities 12,785 — 12,785 — 2015 Tower Securities 3,985 — — — Revolving Credit Facility 833 — 1,571 — 2012-1 Term Loan — — 1,153 — 2014 Term Loan 12,138 125 12,125 119 2015 Term Loan 4,087 161 — — Other (92) — (45) — Total $ 83,804 $ 455 $ 77,654 $ 280 Revolving Credit Facility under the Senior Credit Agreement The Revolving Credit Facility is governed by the Senior Credit Agreement. T he Revolving Credit Facility consists of a revolving loan under which up to $1.0 billion aggregate principal amount may be borrowed, repaid and redrawn, subject to compliance with specific financial ratios and the satisfaction of other customary conditions to borrowing. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (i) the Eurodollar Rate plus a margin that ranges from 137.5 basis points to 200.0 basis points or (ii) the Base Rate plus a margin that ranges from 37.5 basis points to 100.0 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement. In addition, SBA Senior Finance II is required to pay a commitment fee of 0.25% per annum on the amount of unused commitment. If not earlier terminated by SBA Senior Finance II, the Revolving Credit Facility will terminate on, and SBA Senior Finance II will repay all amounts outstanding on or before, February 5, 2020 . The proceeds available under the Revolving Credit Facility may be used for general corporate purposes. SBA Senior Finance II may, from time to time, borrow from and repay the Revolving Credit Facility. Consequently, the amount outstanding under the Revolving Credit Facility at the end of a period may not be reflective of the total amounts outstanding during such period. During the three months ended March 31, 2016 , the Company borrowed $70.0 million and repaid $50.0 million of the outstanding balance under the Revolving Credit Facility. As of March 31, 2016 , $20.0 million was outstanding u nder the Revolving Credit Facility. A s of March 31, 2016 , SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement. The remaining borrowing capacity under the Revolving Credit Facility was $980.0 million a s of March 31, 2016 , subject to compliance with specified financial ratios and satisfaction of other customary conditions to borrowing . Subsequent to March 31, 2016 , the Company repaid the $20.0 million balance outstanding on the Revolving Credit Facility. Term Loans under the Senior Credit Agreement 2012-1 Term Loan The 2012-1 Term Loan consist ed of a senior secured term loan with an initial aggregate principal amount of $200.0 million that was to mature on May 9, 2017 . The 2012-1 Term Loan accrue d interest, at SBA Senior Finance II’s election, at either the Base Rate plus a margin that ranges from 100 to 150 basis points or the Eurodollar Rate plus a margin that ranges from 200 to 250 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA (calculated in accordance with the Senior Credit Agreement). The 2012-1 Term Loan was issued at par. The Company incurred deferred financing fees of $2.7 million in relation to this transaction which we re being amortized through the maturity date. During 2015, the Company repaid the outstanding principal balance on the 2012-1 Term Loan. 2014 Term Loan The 2014 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $1.5 billion that mature s on March 24, 2021 . The 2014 Term Loan accrue s interest, at SBA Senior Finance II’s election, at either the Base Rate plus 150 basis points (with a Base Rate floor of 1.75% ) or the Eurodollar Rate plus 250 basis points (with a Eurodollar Rate floor of 0.75% ). The 2014 Term Loan was issued at 99.75% of par value. As of March 31, 2016 , the 2014 Term Loan was accruing interest at 3.25% per annum. Principal payments on the 2014 Term Loan commenced on September 30, 2014 and are be ing made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $3.8 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2014 Term Loan. The Company incurred deferred financing fees of approximately $12.9 million in relation to this transaction which are being amortized through the maturity date. During the three months ended March 31, 2016 , the Company repaid $3.8 million of principal on the 2014 Term Loan. As of March 31, 2016 , the 2014 Term Loan had a principal balance of $1.47 billion. 2015 Term Loan On June 10, 2015, SBA Senior Finance II obtained a new senior secured term loan with an initial aggregate principal amount of $500.0 million that matures on June 10, 2022 (the “2015 Term Loan”). The 2015 Term Loan accrues interest, at SBA Senior Finance II’s election, at either the Base Rate plus 150 basis points (with a Base Rate floor of 1.75%) or the Eurodollar Rate plus 250 basis points (with a Eurodollar Rate floor of 0.75%) . The 2015 Term Loan was issued at 99.0% of par value. As of March 31, 2016 , the 2015 Term Loan was accruing interest at 3.25% per annum. Principal payments on the 2015 Term Loan commence d on September 30, 2015 and are being made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $1.3 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2015 Term Loan. The Company incurred deferred financing fees of approximately $5.1 million in relation to this transaction which are being amortized through the maturity date. During the three months ended March 31, 2016 , the Company repaid $1.3 million of principal on the 2015 Term Loan. As of March 31, 2016 , the 2015 Term Loan had a principal balance of $496.3 million. Secured Tower Revenue Securities 2010 Tower Securities On April 16, 2010, the Company, through a New York common law trust (the “Trust”), issued $550.0 million of Secured Tower Revenue Securities Series 2010-2C (the “2010 Tower Securities”). The 2010 Tower Securities have an annual interest rate of 5.101% . The anticipated repayment date and the final maturity date for the 2010 Tower Securities are April 11, 2017 and April 9, 2042 , respectively. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of those entities that are borrowers on the mortgage loan (the “Borrowers”). The Company incurred deferred financing fees of $8.1 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2010 Tower Securities. 2012 Tower Securities On August 9, 2012, the Company, through the Trust, issued $610.0 million of Secured Tower Revenue Securities Series 2012-1C (the “2012 Tower Securities”) which have an anticipated repayment date of December 11, 2017 and a final maturity date of December 9, 2042 . The fixed interest rate of the 2012 Tower Securities is 2.933% per annum, payable monthly. The Company incurred deferred financing fees of $14.9 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2012 Tower Securities. 2013 Tower Securities On April 18, 2013, the Company, through the Trust, issued $425.0 million of 2.240% Secured Tower Revenue Securities Series 2013-1C which have an anticipated repayment date of April 10, 2018 and a final maturity date of April 9, 2043 , $575.0 million of 3.722% Secured Tower Revenue Securities Series 2013-2C which have an anticipated repayment date of April 11, 2023 and a final maturity date of April 9, 2048 , and $330.0 million of 3.598% Secured Tower Revenue Securities Series 2013-1D which have an anticipated repayment date of April 10, 2018 and a final maturity date of April 9, 2043 (collectively the “2013 Tower Securities”). The aggregate $1.33 billion of 2013 Tower Securities have a blended interest rate of 3.218% per annum, payable monthly. The Company incurred deferred financing fees of $25.5 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2013 Tower Securities. 2014 Tower Securities On October 15, 2014, the Company, through the Trust, issued $920.0 million of 2.898% Secured Tower Revenue Securities Series 2014-1C which have an anticipated repayment date of October 8, 2019 and a final maturity date of October 11, 2044 , and $620.0 million of 3.869% Secured Tower Revenue Securities Series 2014-2C which have an anticipated repayment date of October 8, 2024 and a final maturity date of October 8, 2049 (collectively the “2014 Tower Securities”). The aggregate $1.54 billion of 2014 Tower Securities have a blended interest rate of 3.289% per annum, payable monthly . The Company incurred deferred financing fees of $22.5 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2014 Tower Securities. 201 5 Tower Securities On October 1 4 , 201 5 , the Company, through the Trust, issued $500.0 million of Secured Tower Revenue Securities Series 201 5 -1C which have an anticipated repayment date of October 8, 2020 and a final maturity date of October 10, 2045 (the “201 5 Tower Securities”). The fixed interest rate of the 2015 Tower Securities is 3.156% per annum, payable monthly. The Company incurred deferred financing fees of $10.9 million to date in relation to this transaction which are being amortized through the anticipated repayment date of the 201 5 Tower Securities. As of March 31, 2016 , 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. Senior Notes 5.75% Senior Notes On July 13, 2012, SBA Telecommunications, LLC (“Telecommunications”) issued $800.0 million of unsecured senior notes due July 15, 2020 (the “5.75% Notes”). The 5.75% Notes accrue interest at a rate of 5.75% and were issued at par. Interest on the 5.75% Notes is due semi-annually on July 15 and January 15 of each year. The Company incurred deferred financing fees of $14.0 million in relation to this transaction which are being amortized through the maturity date. SBA Communications Corporation (“SBAC”) is a holding company with no business operations of its own and its only significant asset is the outstanding capital stock of Telecommunications. Telecommunications is 100% owned by SBAC. SBAC has fully and unconditionally guaranteed the Senior Notes issued by Telecommunications. 5.625% Senior Notes On September 28, 2012, the Company issued $500.0 million of unsecured senior notes due October 1, 2019 (the “5.625% Notes”). The 5.625% Notes accrue interest at a rate of 5.625% per annum and were issued at par. Interest on the 5.625% Notes is due semi-annually on April 1 and October 1 of each year. The Company incurred deferred financing fees of $8.6 million in relation to this transaction which are being amortized through the maturity date. 4.875% Senior Notes On July 1, 2014, the Company issued $750.0 million of unsecured senior notes due July 15, 2022 (the “4.875% Notes”). The 4.875% Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 4.875% Notes is due semi-annually on January 15 and July 15 of each year. The Company incurred deferred financing fees of $11.6 million in relation to this transaction which are being amortized through the maturity date. |