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During
2007, the Company redeemed the entire $450.0 of outstanding 7-7/8% senior notes
due in 2009, of which $225.0 and $75.0 were redeemed in the first and second
quarters, respectively, with the remaining $150.0 redeemed in the last half of
the year. In connection with these early redemptions, the Company
incurred non-cash, pre-tax charges of approximately $1.7 in the first half of
2007 for the write-off of unamortized debt expense. The redemptions
were funded from the Company’s existing cash balances.
During
2007, the Company entered into an $850.0 five-year revolving credit facility
with a syndicate of lenders. The facility is secured by the Company’s
inventory and accounts receivable and replaced two previous credit facilities
totaling $700.0 which were secured separately by inventory and accounts
receivable. The facility provides the Company with enhanced
liquidity, lower costs and greater flexibility
for
borrowings and will be used for general corporate purposes. The
Company incurred a non-cash pre-tax charge of approximately $2.8 in the first
quarter of 2007 related to the replacement of the previous revolving credit
facilities.
| 7. This excerpt taken from the AKS 10-Q filed May 5, 2008. Long-term Debt
During
2007, the Company redeemed the entire $450.0 of outstanding 7-7/8% senior notes
due in 2009, of which $225.0 was redeemed in the first quarter of
2007. In connection with this early redemption, the Company incurred
a non-cash, pre-tax charge of approximately $1.3 in the first quarter of 2007
for the write-off of unamortized debt expense. The redemption was
funded from the Company’s existing cash balances.
During
2007, the Company entered into an $850.0 five-year revolving credit facility
with a syndicate of lenders. The facility is secured by the Company’s
inventory and accounts receivable and replaced two previous credit facilities
totaling $700.0 which were secured separately by inventory and accounts
receivable. The new facility provides the Company with enhanced
liquidity, lower costs and greater flexibility for borrowings and will be used
for general corporate purposes. The Company incurred a non-cash
pre-tax charge of approximately $2.8 in the first quarter of 2007 related to the
replacement of the previous revolving credit facilities.
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RELATED TOPICS for AKS: |
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