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SEC Filings

10-Q
EQUINIX INC filed this Form 10-Q on 11/02/2018
Entire Document
 
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)

8.
Debt Facilities
Mortgage and Loans Payable
As of September 30, 2018 and December 31, 2017, the Company's mortgage and loans payable consisted of the following (in thousands):
 
September 30,
2018
 
December 31, 2017
Term loans
$
1,360,722

 
$
1,417,352

Mortgage payable and loans payable
45,076

 
48,872

 
1,405,798

 
1,466,224

Less amount representing unamortized debt discount and debt issuance cost
(6,959
)
 
(10,666
)
Add amount representing unamortized mortgage premium
1,926

 
2,051

 
1,400,765

 
1,457,609

Less current portion
(73,288
)
 
(64,491
)
Total
$
1,327,477

 
$
1,393,118

JPY Term Loan
On July 26, 2018, the Company entered into an amendment to its existing credit agreement, dated as of December 12, 2017. The amendment provided for a senior unsecured term loan in an aggregate principal amount of ¥47.5 billion (the "JPY Term Loan"). The Company is required to repay the JPY Term Loan at the rate of 5% of the original principal amount per annum with the remaining balance to be repaid in full on December 12, 2022. The JPY Term Loan bears interest at a rate based on LIBOR plus a margin that can vary from 1.00% to 1.70% and contains customary covenants consistent with the existing credit agreement.
On July 31, 2018, the Company drew down the full ¥47.5 billion of the JPY Term Loan, or approximately $424.7 million at the exchange rate effective on July 31, 2018, and prepaid the remaining principal of its existing Japanese Yen Term Loan of ¥43.8 billion or approximately $391.3 million. In connection with this prepayment of its existing Japanese Yen Term Loan, the Company recognized a loss on debt extinguishment of $2.2 million for the three months ended September 30, 2018. As of September 30, 2018, total outstanding borrowings under the JPY Term Loan were ¥47.5 billion, or approximately $418.0 million at the exchange rate effective on that date. As of September 30, 2018, debt issuance costs, net of amortization, related to the JPY Term Loan were $4.5 million at the exchange rate in effect on that date.

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