Notes to Consolidated Financial Statements56
NOTE 8 — LONG-TERM DEBT
Long-term debt consisted of the following:
At December 31 (In thousands) 2004 2003
Senior Credit Facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000 $ 1,525,000
$50 million revolving line of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 50,000
Australian bank facility. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 11,868
Other note due to bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 38,000
$300 million 6.95% Senior Notes, due 2005, net. . . . . . . . . . . . . . . . . . 300,087 301,128
$176.4 million ($200 million in 2003) 6.625% Senior
Notes, due 2005, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176,096 196,029
$244.5 million ($250 million in 2003) 7.25% Senior 
Notes, due 2006, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235,511 236,294
$710 million 9.75% Senior Subordinated Notes, due 2007, net . . . . . . . 706,968 705,713
$200 million 6.75% Senior Notes, due 2007, net. . . . . . . . . . . . . . . . . . 189,115 183,405
$180.4 million ($200 million in 2003) 6.75% Senior
Notes, due 2008, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,908 181,517
$200 million 6.875% Senior Notes, due 2008, net. . . . . . . . . . . . . . . . . 199,095 198,802
$1.05 billion ($600 million in 2003) 6% Senior 
Notes, due 2009, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,056,453 600,000
$825 million 8.5% Senior Notes, due 2010, net. . . . . . . . . . . . . . . . . . . 822,214 821,722
$400 million 8.375% Senior Subordinated Notes, due 2011 . . . . . . . . . 400,000 400,000
$550 million 6.75% Senior Notes, due 2012 . . . . . . . . . . . . . . . . . . . . . 550,000 —
$525 million 5.875% Senior Notes, due 2014, net . . . . . . . . . . . . . . . . . 522,301 —
$100 million 7.25% Senior Debentures, due 2017, net . . . . . . . . . . . . . 81,919 81,211
Other notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195 209
5,458,862 5,530,898
Less: Current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14) (9,008)
$5,458,848 $ 5,521,890
T otal interest incurred during 2004, 2003 and 2002 was $401 million, 
$353 million and $345 million, respectively, of which $23 million, $15 million 
and $62 million, respectively, was capitalized.
On November 24, 2003, the Company entered into the Third Amended and
Restated Loan Agreement providing for bank financing totaling $2.5 billion from 
a syndicate of banks each led by Bank of America, N.A. (collectively, the “Senior
Credit Facility”). The Senior Credit Facility, as amended in 2004, consists entirely
of a senior revolving credit facility which matures on November 24, 2008. 
Interest on the Senior Credit Facility is based on the bank reference rate or
Eurodollar rate. The Company’s borrowing rate on the Senior Credit Facility was
approximately 3.3% at December 31, 2004 and 2.8% at December 31, 2003.
Stand-by letters of credit totaling $51 million were outstanding as of December 31,
2004 under the Senior Credit Facility.
In November 2004, in anticipation of the Mandalay merger, the Company entered
into an amended and restated bank credit facility with a group of lenders led by
Bank of America, N.A. The revised bank credit facility will be effective upon the
closing of the Mandalay merger, will mature five years later, and will provide a total
of $7.0 billion of borrowing capacity, consisting of a $5.5 billion senior r evolving
credit facility and $1.5 billion senior term loan facility. The remaining terms are
substantially similar to the Company’s existing bank credit facility.
In 2003, the Company issued $600 million of 6% Senior Notes due 2009. In