| Condensed Consolidated Balance Sheet |
The following information summarizes our condensed consolidating information as of June 30, 2015 and for the period from April 24, 2015 to June 30, 2015:
|
|
|
Condensed Consolidated Balance Sheet
As of June 30, 2015 |
|
|
(Thousands) |
|
CS&L |
|
|
CSL Capital |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate investments, net of accumulated depreciation |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,907,626 |
|
|
$ |
532,700 |
|
|
$ |
- |
|
|
$ |
2,440,326 |
|
|
Cash and cash equivalents |
|
|
23 |
|
|
|
- |
|
|
|
154,592 |
|
|
|
- |
|
|
|
- |
|
|
|
154,615 |
|
|
Accounts receivable, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,507 |
|
|
|
- |
|
|
|
3,507 |
|
|
Affiliate receivable |
|
|
37,898 |
|
|
|
- |
|
|
|
709 |
|
|
|
- |
|
|
|
(38,607 |
) |
|
|
- |
|
|
Customer list intangible assets, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,458 |
|
|
|
- |
|
|
|
12,458 |
|
|
Derivative asset |
|
|
28,551 |
|
|
|
28,551 |
|
|
|
- |
|
|
|
- |
|
|
|
(28,551 |
) |
|
|
28,551 |
|
|
Straight-line rent receivable |
|
|
- |
|
|
|
- |
|
|
|
3,200 |
|
|
|
- |
|
|
|
- |
|
|
|
3,200 |
|
|
Investment in consolidated subsidiaries |
|
|
2,561,457 |
|
|
|
2,561,457 |
|
|
|
- |
|
|
|
- |
|
|
|
(5,122,914 |
) |
|
|
- |
|
|
Other assets |
|
|
19 |
|
|
|
- |
|
|
|
2,689 |
|
|
|
275 |
|
|
|
- |
|
|
|
2,983 |
|
|
Total Assets |
|
$ |
2,627,948 |
|
|
$ |
2,590,008 |
|
|
$ |
2,068,816 |
|
|
$ |
548,940 |
|
|
$ |
(5,190,072 |
) |
|
$ |
2,645,640 |
|
|
Liabilities and Shareholders' Deficit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable, accrued expenses and other liabilities |
|
$ |
21,595 |
|
|
$ |
48,797 |
|
|
$ |
8,962 |
|
|
$ |
2,490 |
|
|
$ |
(48,797 |
) |
|
$ |
33,047 |
|
|
Affiliate payable |
|
|
393 |
|
|
|
- |
|
|
|
37,898 |
|
|
|
316 |
|
|
|
(38,607 |
) |
|
|
- |
|
|
Dividend payable |
|
|
66,576 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
66,576 |
|
|
Deferred income taxes |
|
|
- |
|
|
|
- |
|
|
|
1,939 |
|
|
|
4,694 |
|
|
|
- |
|
|
|
6,633 |
|
|
Notes and other debt |
|
|
3,508,685 |
|
|
|
3,508,685 |
|
|
|
- |
|
|
|
- |
|
|
|
(3,508,685 |
) |
|
|
3,508,685 |
|
|
Total liabilities |
|
|
3,597,249 |
|
|
|
3,557,482 |
|
|
|
48,799 |
|
|
|
7,500 |
|
|
|
(3,596,089 |
) |
|
|
3,614,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
150 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
150 |
|
|
Additional paid-in capital |
|
|
- |
|
|
|
- |
|
|
|
63 |
|
|
|
- |
|
|
|
(63 |
) |
|
|
- |
|
|
Accumulated other comprehensive income |
|
|
28,551 |
|
|
|
28,551 |
|
|
|
- |
|
|
|
- |
|
|
|
(28,551 |
) |
|
|
28,551 |
|
|
Distributions in excess of earnings |
|
|
(998,002 |
) |
|
|
(996,025 |
) |
|
|
2,019,954 |
|
|
|
541,440 |
|
|
|
(1,565,369 |
) |
|
|
(998,002 |
) |
|
Total shareholders' deficit |
|
|
(969,301 |
) |
|
|
(967,474 |
) |
|
|
2,020,017 |
|
|
|
541,440 |
|
|
|
(1,593,983 |
) |
|
|
(969,301 |
) |
|
Total Liabilities and Shareholders' Deficit |
|
$ |
2,627,948 |
|
|
$ |
2,590,008 |
|
|
$ |
2,068,816 |
|
|
$ |
548,940 |
|
|
$ |
(5,190,072 |
) |
|
$ |
2,645,640 |
|
|
| Condensed Consolidated Statement of Comprehensive Income |
|
|
|
Condensed Consolidated Statement of Comprehensive Income
For the Period from April 24, 2015 to June 30, 2015 |
|
|
(Thousands) |
|
CS&L |
|
CSL Capital |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
|
Consolidated |
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenues |
|
$ |
- |
|
$ |
- |
|
$ |
124,172 |
|
$ |
- |
|
$ |
- |
|
|
$ |
124,172 |
|
|
Consumer CLEC |
|
|
- |
|
|
- |
|
|
- |
|
|
4,576 |
|
|
- |
|
|
|
4,576 |
|
|
Total revenues |
|
|
- |
|
|
- |
|
|
124,172 |
|
|
4,576 |
|
|
- |
|
|
|
128,748 |
|
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
48,797 |
|
|
48,797 |
|
|
- |
|
|
- |
|
|
(48,797 |
) |
|
|
48,797 |
|
|
Depreciation and amortization |
|
|
- |
|
|
- |
|
|
46,744 |
|
|
17,700 |
|
|
- |
|
|
|
64,444 |
|
|
General and administrative expense |
|
|
338 |
|
|
- |
|
|
2,896 |
|
|
- |
|
|
- |
|
|
|
3,234 |
|
|
CLEC operating expense |
|
|
- |
|
|
- |
|
|
- |
|
|
3,741 |
|
|
- |
|
|
|
3,741 |
|
|
Total costs and expenses |
|
|
49,135 |
|
|
48,797 |
|
|
49,640 |
|
|
21,441 |
|
|
(48,797 |
) |
|
|
120,216 |
|
|
Earnings (losses) from consolidated subsidiaries |
|
|
8,639 |
|
|
57,436 |
|
|
- |
|
|
- |
|
|
(66,075 |
) |
|
|
- |
|
|
Income before income taxes |
|
|
(40,496 |
) |
|
8,639 |
|
|
74,532 |
|
|
(16,865 |
) |
|
(17,278 |
) |
|
|
8,532 |
|
|
Income tax expense |
|
|
- |
|
|
- |
|
|
94 |
|
|
137 |
|
|
- |
|
|
|
231 |
|
|
Net income |
|
$ |
(40,496 |
) |
$ |
8,639 |
|
$ |
74,438 |
|
$ |
(17,002 |
) |
$ |
(17,278 |
) |
|
$ |
8,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive Income |
|
$ |
(11,945 |
) |
$ |
37,190 |
|
$ |
74,438 |
|
$ |
(17,002 |
) |
$ |
(45,829 |
) |
|
$ |
36,852 |
|
|
| Condensed Consolidated Statement of Cash Flows |
|
|
|
Condensed Consolidated Statement of Cash Flows
For the Period from April 24, 2015 to June 30, 2015 |
|
|
(Thousands) |
|
CS&L |
|
|
CSL Capital |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Eliminations |
|
|
Consolidated |
|
|
Cash flow from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
(61,540 |
) |
|
$ |
- |
|
|
$ |
154,971 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
93,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consideration paid to Windstream Services |
|
|
(1,035,029 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,035,029 |
) |
|
Capital expenditures |
|
|
- |
|
|
|
- |
|
|
|
(397 |
) |
|
|
- |
|
|
|
- |
|
|
|
(397 |
) |
|
Net cash used in investing activities |
|
|
(1,035,029 |
) |
|
|
- |
|
|
|
(397 |
) |
|
|
- |
|
|
|
- |
|
|
|
(1,035,426 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of Term Loans |
|
|
1,127,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,127,000 |
|
|
Deferred financing costs |
|
|
(29,933 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(29,933 |
) |
|
Common stock issuance |
|
|
(456 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(456 |
) |
|
Cash in-lieu of fractional shares |
|
|
(19 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(19 |
) |
|
Net cash provided by investing activities |
|
|
1,096,592 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,096,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
23 |
|
|
|
- |
|
|
|
154,574 |
|
|
|
- |
|
|
|
- |
|
|
|
154,597 |
|
|
Cash and cash equivalents, April 24, 2015 |
|
|
- |
|
|
|
- |
|
|
|
18 |
|
|
|
- |
|
|
|
- |
|
|
|
18 |
|
|
Cash and cash equivalents, June 30, 2015 |
|
$ |
23 |
|
|
$ |
- |
|
|
$ |
154,592 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
154,615 |
|
|