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This excerpt taken from the EYE 8-K filed Oct 31, 2008. Net Debt Reduction On October 20, 2008, the company announced that it had purchased approximately $124 million aggregate principal amount of its 3.25% convertible senior subordinated notes due 2026 for approximately $51.8 million and approximately $57 million aggregate principal amount of its 2.50% convertible senior subordinated notes due 2024 for approximately $45.3 million. These repurchases were consummated pursuant to privately negotiated transactions with holders of the notes that had previously contacted the company. The company funded these repurchases by drawing approximately $97 million on it senior revolving credit facility. At the end of the third quarter, the company’s total long-term debt outstanding was approximately $1.55 billion. Taking into account the draw down on the revolver and the bond purchases through October 20, AMO achieved a net reduction in its total debt of approximately $84 million. The company also had nearly $200 million in remaining borrowing capacity under its senior revolving credit facility as of October 20, 2008. |
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