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BrightView Acquisition Holdings, Inc.
<br />Notes to the Consolidated Financial Statements
<br />For the Years Ended December 31, 2016 and 2015
<br />(in thousands)
<br />Useful life
<br />January 1,
<br />2015
<br />Activity
<br />during the
<br />year
<br />December 31,
<br />2015
<br />Identifiable intangible assets
<br />Customer contracts and relationships 9-21 yrs. $ 587,904 $ - $ 587,904
<br /> Trademark 4-12 yrs. 230,900 -230,900
<br /> Internally developed software 3 yrs.3,100 -3,100
<br />Total gross intangible assets 821,904 - 821,904
<br />Less: Accumulated amortization (99,494) (139,325) (238,819)
<br />Intangible assets, net $ 722,410 $ (139,325) $ 583,085
<br />Goodwill $ 1,667,114 $ - $ 1,667,114
<br /> $ 1,431,745
<br />Second Lien term loan, due 2021, bearing interest at a rate of
<br />7.5%, net of unamortized original issue discount of $810 and
<br />$940 at December 31, 2016 and 2015, respectively (excluding
<br />the effect of the hedges)
<br /> 234,190 234,060
<br />Installment loan payable, due 2016, at an imputed interest rate of
<br />9.25% - 750
<br />Installment loan payable, due 2017, at an annual interest rate of
<br />2.0% 2,945 -
<br />Debt issuance costs, net (41,390) (50,390)
<br /> Total debt 1,613,400 1,616,165
<br />Less: Current portion of debt 17,545 15,350
<br />Long-term debt $ 1,595,855 $ 1,600,815
<br />7. Long-term debt
<br />Long-term debt consists of the following:
<br />December 31, 2016 December 31, 2015
<br />First Lien term loan, due 2020, bearing interest at a rate of 4.0%,
<br />net of unamortized original issue discount of $2,170 and $2,680
<br />at December 31, 2016 and 2015, respectively (excluding the
<br />effect of the hedges)
<br /> $ 1,417,655
<br />The weighted average amortization period for the intangibles is 12.4 years. Amortization expense is anticipated to
<br />be as follows in future years:
<br />2017 $ 124,090
<br />2018 85,592
<br />2019 47,282
<br />2020 39,374
<br />2021
<br />2022 and thereafter
<br />32,463
<br />122,722
<br />$ 451,523
<br />14
<br />Confidential
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