DIGITALGLOBE, INC. - 10-Q filing on 2015-04-30

Debt

3 Months Ended

Mar. 31, 2015

NOTE 6.Debt

The Company’s debt obligations consist of a $550.0 million Senior Secured Term Loan Facility (“Term Loan”) and a $150.0 million Senior Secured Revolving Credit Facility (“Revolving Credit Facility” and, together with the Term Loan, the “2013 Credit Facility”), in addition to $600.0 million in Senior Notes. As of March 31, 2015, the Company had not drawn any amounts under the Revolving Credit Facility. The 2013 Credit Facility requires that the Company comply with a maximum leverage ratio and minimum interest coverage ratio. As of March 31, 2015, we were in compliance with our debt covenants.

Long-term debt consisted of the following:


(in millions)	March 31, 2015		December 31, 2014
$550.0 million Term Loan due February 1, 2020	$	539.0	$	540.4
$150.0 million Revolving Credit Facility due February 1, 2018		—		—
$600.0 million Senior Notes due February 1, 2021		600.0		600.0
Total borrowings		1,139.0		1,140.4
Less: unamortized discounts		(2.6)		(2.8)
Total borrowings, net		1,136.4		1,137.6
Less: current maturities of long-term debt		(5.5)		(5.5)
Total long-term debt, net	$	1,130.9	$	1,132.1

The Company’s future debt payments consisted of the following as of March 31, 2015:


	Long-term debt
	(excluding interest
(in millions)	payments)
Remainder of 2015	$	4.1
2016		5.5
2017		5.5
2018		5.5
2019		5.5
Thereafter		1,112.9
Total	$	1,139.0

Interest expense, net consisted of the following:


	For the three months ended
	March 31,
(in millions)	2015		2014
Interest	$	13.0	$	13.1
Accretion of debt discount, deferred financing amortization and line of credit fees		1.8		1.8
Capitalized interest		(2.1)		(14.8)
Interest expense	$	12.7	$	0.1
Interest income		—		(0.1)
Interest expense, net	$	12.7	$	—