5. FINANCING

 

		March 31, 2015				December 31, 2014
5.00% senior notes due June 2021		$	650,000			$	650,000
5.50% senior notes due June 2024			650,000				650,000
Senior secured term loan due January 2017			344,750				345,625
Senior secured term loan due January 2018			517,125				518,438
Senior PIK toggle notes due June 2020			550,000				550,000
Senior secured revolving credit facility expires January 2017			—				—
Other			361				408
		$	2,712,236			$	2,714,471
Less: Original issue discount, net of amortization			(6,091	)			(6,746	)
Less: Current portion			(8,972	)			(9,001	)
		$	2,697,173			$	2,698,724

See Note 6 in the Notes to Consolidated Financial Statements in the 2014 Annual Report for additional information on the terms and conditions of the 5.00% senior notes (the 2021 Notes), the 5.50% senior notes (the 2024 Notes and together with the 2021 Notes, the senior notes), the senior secured credit facilities and the 6.625%/7.375% senior payment-in-kind toggle notes (the senior PIK toggle notes).

Senior Secured Credit Facilities

During the three months ended March 31, 2015, the Company repaid $2.2 million of its senior secured term loans. No portion of the senior secured term loans was reflected as a current portion of long-term debt as of March 31, 2015 related to the potentially required excess cash flow payment because the amount that may be payable in 2016, if any, cannot currently be reliably estimated. There was no excess cash flow payment required in 2015 related to 2014.

During the three months ended March 31, 2015, the Company did not borrow under its revolving credit facility. As of March 31, 2015, the Company had availability of approximately $283.9 million under the asset-based revolving credit facility, after giving effect to borrowing base limitations and outstanding letters of credit.

Other Matters

The Company’s non-guarantor subsidiaries held approximately $1,092 million, or 22%, of total assets and approximately $265 million, or 7%, of total liabilities as of March 31, 2015 and accounted for approximately $375 million, or 45%, of net sales for the three months ended March 31, 2015. As of December 31, 2014, the non-guarantor subsidiaries held approximately $1,089 million, or 22%, of total assets and approximately $282 million, or 8%, of total liabilities. For the three months ended March 31, 2014, the non-guarantor subsidiaries accounted for approximately $320 million, or 34%, of net sales. All amounts presented exclude intercompany balances.

CommScope, Inc., a subsidiary of the Company, is the issuer of the senior notes. The reported balance sheet and income statement amounts for CommScope, Inc. are substantially identical to those of the Company other than interest expense for CommScope, Inc. for the three months ended March 31, 2015 and 2014 which does not reflect the interest expense incurred in connection with the senior PIK toggle notes, which was $9.5 million for both periods ($6.1 million net of tax). Total debt for CommScope, Inc. as of March 31, 2015 was $2,156.1 million, which does not include the senior PIK toggle notes.

The weighted average effective interest rate on outstanding borrowings, including the amortization of debt issuance costs and original issue discount, was 5.38% at both March 31, 2015 and December 31, 2014.