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This excerpt taken from the AN 10-K filed Feb 17, 2010. Other Interest Expense Other interest expense was incurred primarily on borrowings under our term loan facility, mortgage facility, revolving credit facility, and outstanding senior unsecured notes. Other interest expense was $42.6 million in 2009, $89.4 million in 2008, and $114.1 million in 2007. 2009 compared to 2008 The decrease in other interest expense of $46.8 million in 2009, as compared to 2008, was primarily due to a $20.9 million decrease in interest expense related to the cumulative repurchase of our floating rate and 7% senior unsecured notes of $321.3 million since August 2008, a $16.3 million decrease in interest expense resulting from lower interest rates on our term loan facility, and a $7.4 million decrease in interest expense resulting from lower levels of debt outstanding during the year primarily associated with our revolving credit facility, 9% senior unsecured notes, mortgage facility, and the financing liability related to our former corporate headquarters.
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Table of Contents2008 compared to 2007 The decrease in other interest expense of $24.7 million in 2008, as compared to 2007, was primarily due to a $14.4 million decrease in interest expense resulting from lower interest rates on our term loan facility, a $7.9 million decrease in interest expense related to the repurchase of our floating rate and 7% senior unsecured notes of $232.9 million, and a $6.0 million decrease in interest expense resulting from lower levels of debt outstanding during the year associated with our revolving credit facility and 9% senior unsecured notes. These decreases were partially offset by a $4.5 million increase in interest expense related to higher levels of debt outstanding during the year associated with our mortgage facility. These excerpts taken from the AN 10-K filed Feb 17, 2009. Other
Interest Expense
Other interest expense was incurred primarily on borrowings
under our term loan facility, mortgage facility, revolving
credit facility, and outstanding senior unsecured notes. Other
interest expense was $89.4 million in 2008,
$114.1 million in 2007, and $90.8 million in 2006.
The decrease in other interest expense of $24.7 million in
2008, as compared to 2007, was primarily due to a
$14.4 million decrease in interest expense resulting from
lower interest rates on our term loan facility, a
$7.9 million decrease in interest expense related to the
repurchase of our floating rate and 7% senior unsecured
notes of $232.9 million, and a $6.0 million decrease
in interest expense resulting from lower levels of debt
outstanding during the year associated with our revolving credit
facility and 9% senior unsecured notes. These decreases
were partially offset by a $4.5 million increase in
interest expense related to higher levels of debt outstanding
during the year associated with our mortgage facility.
The increase in other interest expense of $23.3 million in
2007, as compared to 2006, was primarily due to a
$21.8 million increase in interest expense related to the
$1.15 billion of additional debt incurred in connection
with our April 2006 equity tender offer and a $6.2 million
increase in interest expense related to our revolving credit
facility, primarily as a result of increased borrowings in 2007.
Partially offsetting these increases was an $8.7 million
reduction in interest expense resulting from the repurchase of
our 9% senior unsecured notes and repayments of mortgage
facilities. Additionally, during 2007 we incurred
$2.6 million of expenses in connection with the
modifications to our term loan, revolving credit facilities, and
our mortgage facility.
Other Interest Expense Other interest expense was incurred primarily on borrowings under our term loan facility, mortgage facility, revolving credit facility, and outstanding senior unsecured notes. Other interest expense was $89.4 million in 2008, $114.1 million in 2007, and $90.8 million in 2006. The decrease in other interest expense of $24.7 million in 2008, as compared to 2007, was primarily due to a $14.4 million decrease in interest expense resulting from lower interest rates on our term loan facility, a $7.9 million decrease in interest expense related to the repurchase of our floating rate and 7% senior unsecured notes of $232.9 million, and a $6.0 million decrease in interest expense resulting from lower levels of debt outstanding during the year associated with our revolving credit facility and 9% senior unsecured notes. These decreases were partially offset by a $4.5 million increase in interest expense related to higher levels of debt outstanding during the year associated with our mortgage facility. The increase in other interest expense of $23.3 million in 2007, as compared to 2006, was primarily due to a $21.8 million increase in interest expense related to the $1.15 billion of additional debt incurred in connection with our April 2006 equity tender offer and a $6.2 million increase in interest expense related to our revolving credit facility, primarily as a result of increased borrowings in 2007. Partially offsetting these increases was an $8.7 million reduction in interest expense resulting from the repurchase of our 9% senior unsecured notes and repayments of mortgage facilities. Additionally, during 2007 we incurred $2.6 million of expenses in connection with the modifications to our term loan, revolving credit facilities, and our mortgage facility.
These excerpts taken from the AN 10-K filed Feb 28, 2008. Other
Interest Expense
Other interest expense was incurred primarily on borrowings
under our term loan facility, mortgage facility, revolving
credit facility, and outstanding senior unsecured notes. Other
interest expense was $114.3 million in 2007,
$90.9 million in 2006, and $63.3 million in 2005. The
increase in other interest expense in 2007, as compared to 2006,
is primarily due to a $21.8 million increase in interest
expense related to the $1.15 billion of additional debt
incurred in connection with our April 2006 equity tender offer
and a $6.2 million increase in interest expense related to
our revolving credit facility, primarily as a result of
increased borrowings in 2007. Partially offsetting these
increases was an $8.7 million reduction in interest expense
resulting from the repurchase of our 9% senior unsecured
notes and repayments of mortgage facilities. Additionally,
during 2007 we incurred $2.6 million of expenses in
connection with the modifications to our term loan, revolving
credit facilities, and our mortgage facility.
The increase in other interest expense in 2006, as compared to
2005, is primarily due to a $61.6 million increase in
interest expense related to the $1.15 billion of additional
debt incurred in connection with our April 2006 equity tender
offer, partially offset by a $32.4 million reduction in
interest expense resulting from the repurchase of our
9% senior unsecured notes and repayments of mortgage
facilities during 2006 and 2005.
Other Interest Expense Other interest expense was incurred primarily on borrowings under our term loan facility, mortgage facility, revolving credit facility, and outstanding senior unsecured notes. Other interest expense was $114.3 million in 2007, $90.9 million in 2006, and $63.3 million in 2005. The increase in other interest expense in 2007, as compared to 2006, is primarily due to a $21.8 million increase in interest expense related to the $1.15 billion of additional debt incurred in connection with our April 2006 equity tender offer and a $6.2 million increase in interest expense related to our revolving credit facility, primarily as a result of increased borrowings in 2007. Partially offsetting these increases was an $8.7 million reduction in interest expense resulting from the repurchase of our 9% senior unsecured notes and repayments of mortgage facilities. Additionally, during 2007 we incurred $2.6 million of expenses in connection with the modifications to our term loan, revolving credit facilities, and our mortgage facility. The increase in other interest expense in 2006, as compared to 2005, is primarily due to a $61.6 million increase in interest expense related to the $1.15 billion of additional debt incurred in connection with our April 2006 equity tender offer, partially offset by a $32.4 million reduction in interest expense resulting from the repurchase of our 9% senior unsecured notes and repayments of mortgage facilities during 2006 and 2005. This excerpt taken from the AN 10-K filed Feb 28, 2007. Other
Interest Expense
Other interest expense was incurred primarily on borrowings
under our term loan facility, mortgage facilities, revolving
credit facility and outstanding senior unsecured notes. Other
interest expense was $90.9 million, $63.3 million and
$76.3 million for the years ended December 31, 2006,
2005 and 2004, respectively. The increase in other interest
expense in 2006 compared to 2005 is primarily due to additional
debt incurred in connection with our equity tender offer in
April 2006, partially offset by the repurchase of our
9% senior unsecured notes and repayments of mortgage
facilities during 2006 and 2005. We expect to continue to have
higher year over year interest expense during the early part of
2007.
The decrease in 2005 compared to 2004 of other interest expense
is primarily due to the repurchase of a portion of our
9% senior unsecured notes. Other interest expense also
includes interest related to the IRS settlement totaling
$4.8 million for the year ended December 31, 2004
which represents interest due under the agreement from the date
of the settlement.
This excerpt taken from the AN 10-K filed Feb 24, 2005. Other
Interest Expense
Other interest expense was incurred primarily on borrowings under mortgage facilities and outstanding senior unsecured notes. Other interest expense was $76.9 million, $71.8 million and $50.5 million for the years ended December 31, 2004, 2003 and 2002, respectively. Other interest expense also includes interest related to the IRS settlement totaling $4.8 million and $12.1 million for the years ended December 31, 2004 and 2003, respectively, and represents interest due under the agreement from the date of the settlement. The increase in other interest expense for 2004 compared to 2003, excluding amounts related to the IRS settlement, is primarily due to higher average debt outstanding. During 2004, we repurchased $3.4 million (face value) of our 9.0% senior unsecured notes at an average price of 114.3% of face value or $3.9 million. The $.5 million premium we paid for this repurchase was recognized as Other Interest Expense in the accompanying 2004 Consolidated Income Statement. 29
Table of Contents
The increase in 2003 compared to 2002 is primarily due to higher average debt outstanding and increased amortization expense resulting from payments made by us in connection with the November 2002 amendment to our senior unsecured notes partially offset by lower interest rates. Additionally, as a result of completed capital expenditure projects, there was a lower amount of interest expense capitalized to construction in progress in 2003 compared to 2002.
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